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

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: 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: Reversing entries maybe used in unearned income when the original 1 point collection is recorded as…

A: Answer In a business unearned income record as a assets instead of a liability.

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: Unearned revenue is:

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

Q: WHAT IS CONTRACTUAL LIFE OF ASSETS?

A: An asset is a resource of economic value which is own by an individual and a company and provides…

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: Define Unearned revenue

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

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: Define the term net assets.

A: Net assets: The net assets are the difference between the total assets and the total liabilities of…

Q: Allowance for Doubtful Accounts will appear on the balance sheet as a. a contra asset. a. a contra…

A: Allowance for doubtful accounts is prepared for the estimated uncollectible accounts in the future.…

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

A: Outstanding expenses means those expenses which pertains to current period and recorded in the…

Q: Under IFRS, receivables are to be reported on the balance sheet at: a.    amortized cost. b.…

A: Amortization: Amortization is a process in which the cost of intangible assets is spread equally…

Q: Non-performing assets are described as……………… *

A: Non-performing assets can be defined as those assets which do not generate revenue for a banking…

Q: Which one of the following equations will yield the available balance in an expenditure subsidiary…

A: GASB: The GASB is the board that provides the guideline to the governmental units about proper…

Q: Which one of the following category prepaid expenses belong to?

A: Current assets are the assets of the company that are expected to be consumed through standard…

Q: -1) Write down at least two examples for : Asset Liability Capital or Owners Equity Revenue Expense

A: Assets: Assets are those items that provide value for money and future economic benefit for an…

Q: describe diff erent types of assets and liabilities and the measurement bases of each

A: Assets are worthy resources that business owns to get future benefits. They are fixed assets which…

Q: Define revenue-producing assets.

A: Current assets: The assets which could be converted into cash within one year like accounts…

Q: Question 3. Classify each of the following accounts as (a) asset, (b) liability, or (c) equity.…

A: Assets means resources that the business have. It may be tangible resources or intangible resources.…