Money received from customers for products to be delivered in the future is recorded as: C . revenue and a liability.

Q: Define Refund Liability.

A: Refund liability: When a company sells its products with a right of return to customers it has to…

Q: Describe the accounting procedures involved in applying the direct financing method by a lessor.

A: Direct financing lease or operational lease method meaning given below:

Q: Which of the following statements are true? а. Revenue should be generally recognized when the…

A: According to the accrual basis of accounting, revenue is recognized when the performance is made.

Q: Which of the following are recognized in other comprehensive income?       service cost

A: The other comprehensive income includes the revenues and expenses of the company. The assets and…

Q: Which of the following best describes the current revenue recognition principle? Recognize revenue…

A: Revenue means the amount earned by selling the goods or services. Revenue is recognized in books of…

Q: Wages payable is classified as : a. Current asset b. Long term liability c. Fixed asset d. Current…

A: Current Assets: Current assets can be sold in the near future and cash can be generated from the…

Q: A seller recognizes the amount of returns from right to return sales as a/an ________. Group of…

A: The question is asking about how a seller recognizes the amount of returns from right to return…

Q: 4 Blossom Company includes 1 coupon in each box of soap powder that it packs, and 5 coupons are…

A: 3 Golden rules of accounting are Real account : As per real account rule we should what comes in…

Q: 7 What are utilities, property taxes, and insurance all examples of? A O Contract contingencies. BO…

A: We first needs to understand all the terms given in the question to answer the question. Contract…

Q: Which of the following is an accrued liability? * Unearned subscriptions revenue Current portion of…

A: Liabilities that are recorded in the balance sheet are of two types they are -  Current liabilities.…

Q: Explain the difference between accrued and prepaid expenses with illustrative examples.

A: Accrued expenses are those expenses which have been incurred but not yet paid out. For example, a…

Q: Describe the accounting for actuarial gains and losses

A: The answer:

Q: If the value of an item can be measured and reasonably determined, this item can be recognized in…

A: An item can be recognized in the financial statement if it satisfies certain specified condition.…

Q: A finance charge includes which elements?

A: Finance charge is a very common occurrence associated with the use of credit. For example users of…

Q: Distinguish between one-time, recurring, and tangible and intangible expenses and benefits.

A: An expenditure is a business's operational cost incurred to produce income. It may be described as…

Q: 6. A liability is recognized in the statement of comprehensive income when it is probable that an…

A: As per IASC framework, the liability is recognized in the financial statement when two conditions…

Q: What is unearned revenue? Why is it considered a liability? Does unearned revenue impact both the…

A: The adjustment entries are prepared for deferred, accrued revenue and expenses for the period. The…

Q: 3. A liability created for receiving cash for future services to be provided is termec Oservice…

A: The accrual basis accounting records the revenue and expenses as soon as they are incurred…

Q: Describe the accounting when there is a right of return.

A: The right of return entitles a customer to a full or partial refund of the amount paid or a credit…

Q: What is meant by the term unearned revenue? Where should an unearned revenue account appear in the…

A: Revenue: It refers to the amount earned by a business from selling its goods or services to the…

Q: Which of the following revenue whose recognition is put off into the future even though payment has…

A: Revenue is the total proceeds from sale of goods or services in the business. This is an important…

Q: accordance with IFRS 15,  customer loyalty awards on the goods or services sold, the transaction…

A: As per IFRS 15, Revenue recognition  In case of sale of a product with loyalty awards,then the sales…

Q: s a general rule, revenue is normally recognized when it is: a) Realizable and earned b)…

A: Revenue is very important for the company and revenue may be received now or may be realized later…

Q: Under what circumstances should sellers consider the time value of money when recognizing revenue?

A:

Q: perlod of a loan or investment

A: Compounding period and period of loan are interrelated to each other.

Q: The amount borrowed from the financial institution is called: a. Amortization b. Deferred payments…

A: There are where terminologies used while borrowing money from financial institutions

Q: When does a consignor typically recognize revenue for a consignment sale?

A: Meaning of Consignment Sale Consignment Sale is refer as the arrangement of trade where the seller…

Q: What kind of account is Unearned Revenue?a. Liability accountb. Asset accountc. Expense accountd.…

A: The correct option is option “a”. Unearned revenue is not classified as an asset, owners' equity,…

Q: Discuss about the revenue/expense approach and also about the asset/liability approach.

A: Any amount of money spent to generate the revenues in a business is known as expenses. Revenue is…

Q: Is sales listed as liability equity revenue expense or an account

A: Sales generate revenue for the business. It is main purpose of the business to make more and more…

Q: Define each of the following terms:k. Accruals; trade credit

A: There are two types of systems in accounting, one is a cash system of accounting and the other is…

Q: Interest payable is shown on the Oincome statement as an operating exp Obalance sheet as a long-term…

A: Interest payable is a liability account, shown on a company's balance sheet, which represents the…

Q: Accounts payable is a Select one: A. current liability B. current asset C. long-term liability D.…

A: Accounts payable are short term obligation which should be paid to the vendors or suppliers for the…

Q: Which of the following is classified as monetary? a. Goodwill b. Equipment c. Patent d.…

A: Monetary generally means relating to money or currency. Assets that are classified as monetary…

Q: Which of the following items is generally a Schedule M-1 adjustment? a.Rent payments b.Gross sales…

A: An essential part of a company's tax return is the Schedule M-1 Adjustment. It is used to reconcile…

Q: Which one of the following is a special type of liability? a. Accrued expenses b. Salaries payable…

A: Accrued expense: These are those expenses which due but not yet paid.This is short term liability…

Q: The cost that is incurred in the process of generating the income will be called as

A: The cost that is incurred in the process of generating the income will be called as expense.