Unearned revenue is:     An asset.     Income.     A liability.     An expense.

Q: How should you record a capital expenditure? a. Debit a liability b. Debit capital c. Debit an…

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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: Unearned Revenue is classified as​ a(n) ________ account.         A. equity   B. revenue   C.…

A: Unearned revenue is money received by an individual or company for a service or product that has yet…

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

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Q: Expenditures may be either capitalized or expensed. When Expenditure is capitalized it means that:…

A: Expenditures are the outflows of the business which help in the creation of assets that lead to the…

Q: e accrued interest income

A: Interest on note = Amount of note * Interest rate * Number of months elapsed/Number of months in a…

Q: True or false. Assets is equal to the sum of liabilities and owners equity

A: Assets are the rights and resources that are being held by the business. It includes current assets,…

Q: In accrual basis ,revenues are recognized when received and expenses when incurred Select one: O…

A: Accounting records are recorded in two ways, one Cash Basis accounting and the other Accrual Basis…

Q: Define (a) assets, (b) liabilities, (c) equity, and (d) net assets.

A: Step 1   The elements of financial statements are the general categorization of items contained…

Q: Unearned revenues are a. Earned and recorded as liabilities before they are received. O b. Earned…

A: 12. Unearned revenue is the revenue that is received by the company but not yet earned by the…

Q: On a classified balance sheet, wages payable is classified as: a.a current liability. b.a long-term…

A: Wages payable: Wages company should pay them to employees but not paid by the company.

Q: owner's equity is  A. added to assets and the two are equal to liabilities b. added to liabilities…

A: Owners' equity: The claims of owners on a company's resources, after the liabilities are paid off,…

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: Accounts payable would appear on the balance sheet as a(n) a. asset b. liability c. unearned…

A: Account payable is the account that represents the accounts from where purchases of inventory have…

Q: How do the asset, revenue and expense accounts differ?

A: The assets and liabilities are posted in the balance sheet that shows the financial position of the…

Q: What type of account is Unearned Revenue?a. Assetb. Liabilityc. Revenued. Expense

A: Unearned revenue: Unearned revenue is also called as prepaid revenue.

Q: admiHII examples of what type of expense? a. selling expense b. miscellaneous expense c.…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: ________ is the interest earned on previously earned interest added to the principal.

A: Interest is the earned income on a given principal according to the given interest rate.

Q: Expenses, losses, and distributions to owners are alldecreases in net assets. What are the…

A: Expenses: Expenses are costs incurred for the operations of a business. The costs incurred for…

Q: Why should inventories be included in (a) a statement offinancial position and (b) the computation…

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Q: Classify each of the following items as revenues (R), expenses (EX), or withdrawals (W). Service…

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…

Q: What is an accrued revenue? Provide an example.

A: Revenue refers to the income that is received by a business from its business operations and…

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: Classify each of the following either as Asset, Liability, Equity, Revenue, or

A: The classification of items as Assets [ a property of any kind used for…

Q: What are the definition criteria of an income and an expense?

A: Ans. Income is money what an individual or business receives in exchange for producing goods or…

Q: 2. Identify any two examples of Current, Non-Current Asset, Current, Non-Current Liability, Expense…

A: solution concept current asset     =asset which are expected to be realized within a period of 12…

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.…

Q: Accounts receivable can be classified as _____ a. A Expense. b. A Liability. c. A Capital d. An…

A: The correct answer is  d. An asset

Q: Revenues, gains, and investments by owners are allincreases in net assets. What are the distinctions…

A: All revenues, gains, and investments by owners increases the net assets of the business.

Q: Unearned rent revenue is reported on: OA Expenses section in the income statement O B. O OD.…

A: unearned rent revenue is the rent amount received during the year but the rental income is related…

Q: Which of the following is not an element of the income statement? Revenues. Liabilities. Expenses.…

A: Business companies compile income statements in order to determine how much gross profit or net…

Q: Definitions of Common Income and Expense Items

A: Common Income can have following definitions: Common income is the excess of revenue over costs for…

Q: Classify each of the following items as revenues (R), expenses (EX), or withdrawals (W). Rental…

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Q: When is revenue recognized in the following situations?(a) Revenue from selling products, (b)…

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Q: Theseransactions which are related to revenue or expense recognition, identify whether they are are…

A: Accruals: Accruals are the revenues that are earned but not received, and expenses that are incurred…

Q: normal balance of asset liability and equity

A: The balance sheet shows the financial position of the company that including the assets,…

Q: What is the major distinction (a) between revenues and gains and (b) between expenses and losses?

A: The major distinction between revenues and gains (or expenses and losses) depends on the typical…

Q: Which among the following suits best for Unearned revenue? a. Liability b. Expense c. Revenue d.…

A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the service…

Q: How does accrued but uncollected revenue affect the bal-ance sheet?

A: Accrued revenue: It can be defined as the revenue that has already been earned by the business but…

Q: Compute the amounts of expense and the related liability and equity components in each

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Q: Differentiate using an example company’s primary revenue and secondary revenue, company’s primary…

A: Revenue refers to the funds generated by an entity through its direct or indirect business…

Q: Which are the total interest expense in the statement of profit or loss?

A: Interest expense is the finance cost which is deducted from operating profit i.e. earnings before…

Q: Accumulated depreciation and depreciation expense are classified respectively as A. Asset, contact…

A: Depreciation is the apportionment of cost of a asset over the life of the asset. Accumulated…

Q: Allowance for Uncollectible Accounts is An Asset A Liabilitity An Expense A Contra-Asset

A: Uncollectible accounts are those accounts from whom it is estimated that amount will not be…

Q: Which of the following items is required to be disclosed by geographic area?a. Total assets.b.…

A: Information for the segment needs to be disclosed by geographic area. Identify the correct option:…

Q: Which of the following could be charged to the profit and loss account as an expense? O A…

A: Profit and Loss account provides overview about all incomes and expenses of an entity for a…

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.