Please help me with the question in the screenshot. Which of the following is true regarding unearned revenue?When it is received, only the balance sheet and the statement of cash flows are impacted.When it is earned, cash and revenue are increased.Liabilities and revenue are increased when it is received.There is no entry on the company's books and records until it is earned.When it is earned, the balance sheet, income statement, and the statement of cash flows areimpacted.

True regarding unearned revenue Let us understand accounting entry of unearned received and earned.…

Which of the following is true regarding unearned revenue? O When it is received, only the balance sheet and the statement of cash flows are impacted. When it is earned, cash and revenue are increased. O Liabilities and revenue are increased when it is received. O There is no entry on the company's books and records until it is earned. O When it is earned, the balance sheet, income statement, and the statement of cash flows are impacted.

Which of the following is true regarding unearned revenue? O When it is received, only the balance sheet and the statement of cash flows are impacted. When it is earned, cash and revenue are increased. O Liabilities and revenue are increased when it is received. O There is no entry on the company's books and records until it is earned. O When it is earned, the balance sheet, income statement, and the statement of cash flows are impacted.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 15Q: Why is using the direct method to prepare the operating section of the statement of cash flows more...

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