The correct answer is: Current Asset.
An advance payment from a customer is a current asset because it is a claim against the customer for future goods or services. It is a type of receivable, which is an asset that represents a right to receive cash or other assets in the future.
Income is a revenue that a company earns from its business activities. It is recorded when the company has earned the revenue, which is usually when the goods or services have been delivered to the customer.
Expense is a cost that a company incurs in its business activities. It is recorded when the company has incurred the expense, which is usually when the goods or services have been used or consumed.
Current liability is a debt that a company must pay within one year. It includes accounts payable, short-term notes payable, and accrued expenses.
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