Unearned revenue is reported in the financial statements as:
A: A liability on the balance sheet.
B: A revenue on the balance sheet.
C: An unearned revenue on the income statement.
D: An asset on the balance sheet.
A: A liability on the balance sheet.
B: A revenue on the balance sheet.
C: An unearned revenue on the income statement.
D: An asset on the balance sheet.
举一反三
- Unearned revenue is reported in the financial statements as: A: A revenue on the balance sheet. B: A liability on the balance sheet. C: An unearned revenue on the income statement. D: An asset on the balance sheet. E: An operating activity on the statement of cash flows.
- The<br/>balance of an unearned revenue account(): A: Appears<br/>in the balance sheet as a component of owners' equity. B: Appears<br/>in the income statement along with other revenue accounts. C: Appears<br/>in a separate section of the income statement for revenue not yet<br/>earned. D: Appears<br/>in the liability section of the balance sheet.
- For the adjusting accounts for fixing revenue like the following entry:Unearned Fixed Revenue……2000Fixed Revenue ……………2000NOT making the adjustment would __________ revenue and net income by $2000 in the income statement and ________ unearned revenue and ______ equity by $2000 in the balance sheet. A: understate, understate, understate B: understate, overstate , overstate C: overstate, overstate, overstate D: understate, overstate, understate
- The CORRECT data flow from one financial statement to the next is: A: statement of retained earnings, income statement, balance sheet, statement of cash flows. B: balance sheet, statement of retained earnings, income statement, statement of cash flows. C: statement of retained earnings, income statement, statement of cash flows, balance sheet. D: income statement, statement of retained earnings, balance sheet, statement of cash flows.
- What type of account is Unearned Revenue (asset, liability, stockholders’ equity, revenue, or expense) and what is its normal balance, respectively?