? Financial Accounting: -Which element triggers recognition of unearned subscriptionrevenue as earned?a) When cash is collectedb) Passage of time as service is providedc) At contract signing dated) When renewal period begins

Explanation of Unearned Subscription Revenue: Unearned subscription revenue represents payments…

Answered: Financial Accounting: - Which element…

Business/Professional Ethics Directors/Executives/Acct

8th Edition

ISBN:9781337485913

Author:BROOKS

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Chapter5: Corporate Ethical Governance & Accountabililty

Section: Chapter Questions

Problem 19.1EC

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Advanced collections from customers prior to the performance obligation being satisfied is accounted as what account? As a deposit reported as an asset on the balance sheet A liability reported on the balance sheet Revenue reported on the income statement Deferred revenue reported as comprehensive income
Question- The contact asset
Which of the following is a liability created when a company receives cash for services to be provided in the future? Select one: a. Unearned revenue b. Estimated warranty payable c. Service revenue d. Accrued liability
Use the list of concepts given to match the description of the concept to the concept.
Which of the following represents amounts owed for goods, supplies, or services purchased? Group of answer choices customer-related payable accounts payable liability for compensated absences bonds payable
Which of the following statements are true? а. Revenue should be generally recognized when the company satisfies the performance obligation. O b. Revenue should be generally recognized when cash is received. С. Revenue should be generally recognized when production is completed. O d. Revenue should be generally recognized when the warranty expires.
. Aliability created for receiving cash for future services to be provided is termed a(n) O service revenue. Oestimated warranty payable. Ounearned revenue. O accrued liability.
The revenue recognition principle dictates that revenue be recognized in the accounting period Select one: a. after it is earned. b. before it is earned. wh the performance obligation is satisfied. C. d. in which it is collected Previous page Next pa hp
Liabilities are Select one: O a. deferred credits that are recognized and measured in conformity with generally accepted accounting principles. O b. any accounts having credit balances after closing entries are made. O c. obligations to transfer ownership shares to other entities in the future. O d. present obligations arising from past events and results in an outflow of resources.
Advances from customers are classified as a(n) a. b. C. d. Select one: a. current asset. b. current liability. С. expense. d. revenue.
The practice of recording advance payments from customers as a liability is an example of applying the O Going concern assumption. O Monetary unit assumption. O Historical cost principle. Revenue recognition principle.
How is the valuation of cuIrent assets affected if the company follows IFRS? ( OValuation is based on historical cost. OValuation is based on market adjustments. OValuation is based on LCM accounting. O Assets are expensed immediately. Aliability created for receiving cash for future services to be provided is termed O service revenue. O estimated warranty payable. Ounearned revenue. Oaccrued liability.

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Financial Accounting: - Which element triggers recognition of unearned subscription revenue as earned? a) When cash is collected b) Passage of time as service is provided c) At contract signing date d) When renewal period begins