Unearned Revenue is classified as​ a(n) ________ account.         A. equity   B. revenue   C. liability   D. asset

Q: The cost that is incurred in the process of generating the income will be called as O a. Expense O…

A: Expense is the amount of cost incurred during the period. Revenue is the total amount of receipts.…

Q: Excess of revenue over expense is O a. Profit O b. Loss O C. Asset O d. Revenue

A: Revenue is the amount received from selling or transferring goods and services from the business to…

Q: State and briefly explain any three distinguishing features between (i) a receipts and payments…

A: SOLUTION- THE FOLLOWING ARE THE DIFFERENCES BETWEEN RECEIPT & PAYMENT ACCOUNT AND INCOME &…

Q: How does accrued but uncollected revenue affect the balance sheet?

A:

Q: The revenue recognition principle dictates that revenue be recognized in the accounting period…

A: The revenuerve recognition principle states that every business organization should recognize the…

Q: hich one of the following category prepaid expenses belong to? a. Current asset b. Intangible asset…

A: Prepaid expenses are those expenses which are paid in advance for future period of time and expenses…

Q: with priority only

A: The statement of affairs is similar to the statement of financial position expect for the asset are…

Q: Which one of the following category outstanding expenses belong to? a. Intangible asset b. Current…

A: Outstanding expenses are those expenses which have been incurred during the period but not yet paid.…

Q: Sales of products or services are referred to as  a. Assets. b. Revenues. c. Liabilities. d.…

A:

Q: The accrued balance in a revenue account represents an amount which is:

A: Solution: The accrued balance in a revenue account represents an amount which is earned but not…

Q: Unearned revenue is:

A: Under accrual basis accounting, the revenue and expenses are recognised and recorded as and when…

Q: In which of the following types of accounts are increases recorded by credits?   A. revenues and…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: The accrued balance in a revenue account represents an amount which is: A. earned and collected B.…

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: Which one of the following category unearned revenue belong to? a. Limited liability b. Current…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: distinguish between current and non-current assets, and current and non-current liabilitie

A: Any asset which is convertible in terms of cash within a time duration of one year is a current…

Q: Revenue is generally recognised at the point of sale. Which principal is applied a. Consistency b.…

A: Introduction : Accounting: Accounting is an art of recording , classifying , summarizing and…

Q: Before revenue can be recognized, the revenue recognition principle requires the _____. A. Product…

A: Revenue is the money earned by providing services or selling goods to customers. The Revenue…

Q: Which of the following is an asset account? O A. Unearned Revenue B. Notes Payable O C. Accounts…

A: Asset accounts means account related to resources of the business that it owns. It can be current…

Q: Define Unearned revenue

A: Definition: Deferred revenues: Deferred revenue is a liability to render service or to deliver…

Q: Which of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec.…

A: correct option is b.) Rent Expense Generally Assets, expenses, losses, and the owner's drawing…

Q: Give an example of Current Asset, Current liabilities, Non Current Asset, Non Current Liabilities

A: 1. Current Assets : These are the assets which are convertible into cash within a Year   Example: 1.…

Q: How to determine the timing and measurement of revenue.

A: Revenue recognition principle is the principle that determines when and how much amount should be…

Q: Please explaim  part B) and c?  how Ending imventory balance calculated for both part of questions

A: Ending inventory units are the number of units which are not sold during the year. It is Calculated…

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: Under a consignment arrangement, revenue is recognized when the consigned goods:    A.  are…

A: Under a Consignment arrangement the revenue is recorded when the consignor has transferred the…

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: Transactions that affect the debit and creditof the following: A. Cash B. Accounts Receivable C.…

A: A credit is often positioned on the correct aspect of AN entry. It will increase liability, revenue…

Q: 1. Give an example of an asset and a liability.

A: The asset and liabilities are two important concepts for firms, banks, individuals, and other…

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…