Are advanced receipts from customers treated as revenue at the time of receipt? Why or why not? No, the amount of revenue cannot be adequately determined until the company completes the work.Yes, the intent of the company is to perform the work and the customer is confident that the services will be completed. Yes, they are treated as revenue at the time of receipt because the company has access to the cash. No, revenue cannot be recognized until the work is performed.

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06-12-2022
Business

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Are advanced receipts from customers treated as revenue at the time of receipt? Why or why not? No, the amount of revenue cannot be adequately determined until the company completes the work.Yes, the intent of the company is to perform the work and the customer is confident that the services will be completed. Yes, they are treated as revenue at the time of receipt because the company has access to the cash. No, revenue cannot be recognized until the work is performed.

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okpalawalter8 okpalawalter8 · Answer 1 · 2022-12-08T12:27:43-05:00

Advanced receipts from customers are treated as revenue at the time of receipt as they are treated as revenue at the time of receipt because the company has access to the cash.Yes. Option C.

What are Advanced receipts?

Generally, When we talk about "Advance Receipts," we're referring to any and all payments made to the Seller on or before the Transfer Date in exchange for products or services that are going to be provided by the Business in accordance with any Seller's Contract that takes place after the Transfer Date.

In the screen titled "Company GST Details," if the turnover of your company is more than or equal to Rs 1.5 crores, you will need to change the setting for the option "Enable tax liability on advance receipts" to "Yes" in order to compute tax liability on advance receipts. Returns on forms GSTR-1 and GSTR-3B will be required to reflect the obligation.

Because the business already has access to cash, any receipts made in advance from consumers are counted as revenue as soon as they are received. This is done for the same reason that other receipts are included as revenue as soon as they are received. Alternative C

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What are Advanced receipts?

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