Which statement(s) is(are) correct?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Statement 1: In case there is a credit balance in a customer's account, such amount shall not affect the total balance of the
Statement 2: A credit balance in a customer's account is caused by overcollection of amounts receivable from customers which will result to a liability to be presented in the noncurrent section of statement of financial position.
Which statement(s) is(are) correct?
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