The
balance of an unearned revenue account():
A: Appears
in the balance sheet as a component of owners' equity.
B: Appears
in the income statement along with other revenue accounts.
C: Appears
in a separate section of the income statement for revenue not yet
earned.
D: Appears
in the liability section of the balance sheet.
balance of an unearned revenue account():
A: Appears
in the balance sheet as a component of owners' equity.
B: Appears
in the income statement along with other revenue accounts.
C: Appears
in a separate section of the income statement for revenue not yet
earned.
D: Appears
in the liability section of 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.
- 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.
- 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
- Unearned<br/>revenue is a liability and should be reported on the income<br/>statement.(<br/>)
- Which statement summarizes financial performance resulting from income (revenue and gains) less expenses (including losses). A: Balance sheet B: Income statement C: Cash flow statement