All of the following are true regarding unearned revenues except:
A. As they are earned, they become revenues.
B. The adjusting entry for unearned revenues increases assets and increases revenues.
C. They are payments received in advance of services performed.
D. They are liabilities.
E. The adjusting entry for unearned revenues increases revenues and decreases liabilities.
Answer: B
You might also like to view...
A warranty deed:
A. warrants against only those encumbrances that arise after a grantee acquires the property. B. conveys title and guarantees to make good any defects in the title. C. is used to cure technical defect in the chain of title to property. D. disallows a grantee the right to sue the grantor.
Research on student groups shows that _____ are reduced in virtual groups.
a. status differences b. stress levels c. performance levels d. all of the above
Even if you cannot satisfy everyone, your first priority is to satisfy the needs of the primary audience
Indicate whether the statement is true or false
Eli is talking to the new girl at school, Naomi. “Yo. What’s up? Your like, mad chill. You’re one of the coolest chicks I know. You want to turn up at the Nash tonight? Hashtag yaaaaaassssss!” Naomi thinks about going just as her Professor walks by. Eli surprisingly turns to Dr. Heinrich and says “Good morning Dr. I enjoyed your lecture this morning. Looking forward to next week’s class!” Naomi is surprised by Eli’s change in vocabulary. Eli exemplifies which concept?
a. High-context b. Social context c. Slang context d. Low-context