Asked Nov 23, 2019

What is referred by unearned income? How is it adjusted in the final accounts? 


Expert Answer

Step 1

Unearned income:

Unearned income is known as deferred income or deferred reve...

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in



Accounting theory

Related Accounting Q&A

Find answers to questions asked by student like you
Show more Q&A

Q: The following information about the payroll for the week ended December 30 was obtained from the rec...

A: Requirement 1)a. Prepare the journal entry to record the payroll on December 30.


Q: Adams Company’s standard labor cost of producing one unit of Product DD is 4.00 hours at the rate of...

A: (a) Compute direct labor variance.


Q: Parent-company and consolidated financial statement amounts would not be the same for: Capital st...

A: Hey, since there are multiple questions posted, we will answer first question. If you want any speci...


Q: Optima Company is a high-technology organization that produces a mass-storage system. The design of ...

A: Prepare cash budget.


Q: What is a sale on credit and why it is needed? Give three examples?

A: Sale on Credit: A sale on credit is revenue earned by a company when it sells goods and allows the b...


Q: Can someone please solve this

A: Depreciation: Depreciation is a method of reducing the capitalized cost of long-lived operating asse...


Q: Please describe and illustrate the kinds of restrictions that doners may impose on the use of resour...

A: Restricted contributions are donations received by non profit organisation in which donor restricts ...


Q: What is the standard cost income statement? Give an example?

A: Meaning of Standard cost income statement:A standard cost is the estimated cost of production based ...


Q: ions --/1 Question 12 ences View Policies orations Current Attempt in Progress PLUS Support Morales ...

A: Markup percentage of a product using the total cost method is calculated by dividing the ROI by the ...