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Which of the following is true about the accounting for customer advances and deposits? They are always classified as current liabilities. They are classified based
Which of the following is true about the accounting for customer advances and deposits?
They are always classified as current liabilities.
They are classified based on the time involved between the date of the deposit and the termination of the relationship.
They are recorded as revenue when received.
They are not recorded until the service is performed or the merchandise is issued.
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Fundamental accounting principle
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
21st edition
1259119831, 9781259311703, 978-1259119835, 1259311708, 978-0078025587
