Which of the following is an accrued liability? * Unearned subscriptions revenue Current portion of long-term debt payable O wages payable Rent revenue

Q: Which of the following is a contra-liability account? a. Taxes Payable b. Accumulated Amortization…

A: Contra liability account is one that is debited for the explicit purpose of offsetting a credit to…

Q: b.bond payable c.two-year note payable

A: Current liabilities are a company's short-term financial commitments due within a year or during a…

Q: Wages payable is classified as : a. Current asset b. Long term liability c. Fixed asset d. Current…

A: Current Assets: Current assets can be sold in the near future and cash can be generated from the…

Q: The payment of a liability

A: The liability is the amount due to be paid by the business to its creditors.

Q: Which of the following is most likely to be reported as an accrued liability? Multiple Choice…

A: Accrued liability is a sort of obligation of an entity that the entity has not paid yet. In other…

Q: Interest payable is shown on the? A)income statement B)balance sheet as a long term liability…

A: Introduction: Income statement: All revenues and expenses are shown in income statement. It tells…

Q: Which of the following best describes Accrued Liabilities?a. Long-term liabilities.b. Current…

A: Accrued liabilities are also known as outstanding liabilities. It means those liabilities which are…

Q: Which of the following liabilities is created when a company receives cash for services to be…

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: 3. A liability created for receiving cash for future services to be provided is termec Oservice…

A: The accrual basis accounting records the revenue and expenses as soon as they are incurred…

Q: Typically, the estimated amount available for short-term payments in a statement of affairs…

A: Statement of accounts: It is the periodic statements summarizing all the account activity of the…

Q: Outstanding rent is Select one: a. Long term liability O b. A revenue C. A current liability O d. A…

A: Outstanding rent come under the head of Current Liability within the record. Outstanding rent are…

Q: Accrued expenses (accrued liabilities) are: C . expenses that have been reported on the income…

A: An accrued expense is an expenditure reported in the time in which the expense is incurred that is…

Q: How are anticipated administrative expenses reported on a statement of financial affairs?a. As a…

A: The administrative expenses are incurred in the day-to-day operations of the company. These are…

Q: Which of the following items represents a deferral?A. Prepaid insuranceB. Wages payableC. Fees…

A: In accounting, deferral means to defer or delay recognizing certain revenues or expenses…

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: What kind of account is Unearned Revenue?a. Liability accountb. Asset accountc. Expense accountd.…

A: The correct option is option “a”. Unearned revenue is not classified as an asset, owners' equity,…

Q: Which of the following is an amount for products or services purchased on account? Oaccounts payable…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

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: Liabilities are classified on the balance sheet as current or O a. unearned. O b. deferred. O c.…

A: Liability can be defined as the amount owed by the firm to external parties. It is a payable amount…

Q: Unearned Rent Revenue is a. Debited when rent is received in advance b. Revenue account c. Reported…

A: Current liabilities means those liabilities which will be paid in cash in near future generally one…

Q: Interest payable is shown on the Oincome statement as an operating exp Obalance sheet as a long-term…

A: Interest payable is a liability account, shown on a company's balance sheet, which represents the…

Q: Accounts payable is a Select one: A. current liability B. current asset C. long-term liability D.…

A: Accounts payable are short term obligation which should be paid to the vendors or suppliers for the…

Q: How would each of the following items be reported on the balance sheet?     Item   Reported on…

A: “Since you have asked multiple sub-parts, we will solve the first three sub-parts for you.  If you…

Q: What is the difference between accrued liabilities an unearned Revenue accounts?

A: Accrued Liabilities :— An expenses of a Business or an Organization incurred  during a specific…

Q: Which of the following accounts should normally be classified as a current liability? Multiple…

A: Current Liability are amount payable by the company with in 12 month.

Q: 17-Which of the following is a contra-liability account? a. Accumulated Amortization b. Taxes…

A: Conntra liability account are those liabilities where the balance is debit balance.

Q: Money received from customers for products to be delivered in the future is recorded as: C . revenue…

A: Cash received from the customers will be considered as an asset. Whereas a liability will be created…

Q: Which of the following is a liability created when a company receives cash for services to be…

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

Q: Define the following items:   Unearned revenue Inventory Notes payable

A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want…

Q: Under which of the following categories would Accounts Receivable​ appear?     A. long−term assets…

A: Current assets: Current assets are all those assets that are expected to be sold or used as a result…

Q: The practice of recording advance payments from customers as a liability is an example of applying…

A: Under the Cash Basis of Accounting, revenue is considered only when the actual amount is received…

Q: Which of the following accounts is a liability? Accounts Receivable Service Revenue Unearned…

A: Accounts receivables is the amount of money not yet paid by the customers on the goods purchased…

Q: A deposit received is reported as a * A.liability B.current asset C.investment D.revenue

A: Deposit received means amount of money received from vendors or suppliers as deposit.

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

A: The revenues that are received by the business but not earned yet are said to be Unearned revenue.

Q: Discount on Note Payable should be classified as a a. current asset b. contra account to Notes…

A: SOLUTION-  IT HAS DEBIT BALANCE  BECAUSE IT IS A CONTRA ACCOUNT TO NOTES PAYABLE ACCOUNT (A…

Q: Choose the correct. How are anticipated administrative expenses reported on a statement of financial…

A: Statement of financial affairs:   Statement of financial affairs refers to a statement of assets and…

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: 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: amortized debt premium should be reported on the balance sheet of the insurer as a  Group of answer…

A: The bonds are issued at premium or discount to face value of bond. The issuer has to pay the premium…

Q: How are gain contigencies reported in the financial statements?

A: A gain contingency A  gain contingency  is a possible gain arising from past events but whose…

Q: Short-term Borrowings appear in a Company's Balance Sheet under the head......... Select one: a.…

A: Answer

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: Which of the following accounts is a liability? a. Accounts Receivable b. Service Revenue c.…

A: Liability refers to state of being liable or taking legal possession of something.

Q: Advanced collections from customers prior to the performance obligation being satisfied is accounted…

A: 1) Advanced collections from customers prior to the performance obligation being satisfied is…

Q: The alternative treatment in reporting Subscription Receivable is     a. deduction to Current Assets…

A: Subscription receivable is a revenue receivable that is an asset for the company.