Knowledge Booster Show  Learn more about Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below. Recommended textbooks for you FINANCIAL ACCOUNTING ISBN:9781259964947 Author:Libby Publisher:MCG Accounting ISBN:9781337272094 Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E. Publisher:Cengage Learning, Accounting Information Systems ISBN:9781337619202 Author:Hall, James A. Publisher:Cengage Learning, Horngren's Cost Accounting: A Managerial Emphasis... ISBN:9780134475585 Author:Srikant M. Datar, Madhav V. Rajan Publisher:PEARSON Intermediate Accounting ISBN:9781259722660 Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas Publisher:McGraw-Hill Education Financial and Managerial Accounting ISBN:9781259726705 Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles Publisher:McGraw-Hill Education FINANCIAL ACCOUNTING ISBN:9781259964947 Author:Libby Publisher:MCG Accounting ISBN:9781337272094 Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E. Publisher:Cengage Learning, Accounting Information Systems ISBN:9781337619202 Author:Hall, James A. Publisher:Cengage Learning, Horngren's Cost Accounting: A Managerial Emphasis... ISBN:9780134475585 Author:Srikant M. Datar, Madhav V. Rajan Publisher:PEARSON Intermediate Accounting ISBN:9781259722660 Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas Publisher:McGraw-Hill Education Financial and Managerial Accounting ISBN:9781259726705 Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles Publisher:McGraw-Hill Education Period of time the financial statement covers58.The business earns $700 of consulting revenue. How would these earnings affect the total equityof a business?Revenues increase, so total equity is increased.59.A trial balance is a(n) (list/balance/chart) of accounts and their balance at a point in time and isused to confirm that the sim of debit account balances equals the sum ofcredit accountingbalances. Use one word for each blank.60.Which of the following financial statements report(s) the financial position of a business over aperiod of time? (Check all that apply.)statement of retained earnings, statement of cash flows,income statement.61.In defining a reporting period, which of the following statement is (are) correct? (Check all thatapply.)A reporting period is determined by the business. A reporting period can be one moth,one quarter or one year. A one-year reporting period is known as the fiscal year.62.Name the accounting document or report that is completed just prior to preparing financialstatements and assist in preparing the financial statements.Trial balance.63.The statement of retained earnings reports:how equity changed over a period of time.64.Which of the following statements below is true regarding the statement of retained earnings?Both the beginning and ending retained earnings balances are reported on the statement.65.Which of the following statements is (are) true regarding the balance sheet? (Check all thatapply.)It depicts the equality of the accounting equation. The report date includes a singlecalendar day. It reports the financial position at a point in time.66.Describe where dollar signs are appropriate in financial statements.Dollar signs are used besidethe first and last number in a column.67.Which of the following financial statement reports the financial position of a business at a pointin time?Balance sheet.68.To enter transactions on the lef side of a T-account means you will (debit/credit) the accountand will cause a(n) (decrease/increase) in an asset account. Which of the following is true regarding unearned revenue?Which of the following is true of unearned revenue? Liabilities are decreased and revenue is increased when it is earned.
Which of the following describes unearned revenues?Unearned revenue is recorded on a company's balance sheet as a liability. It is treated as a liability because the revenue has still not been earned and represents products or services owed to a customer.
Which of the following would be classified as unearned revenue?Examples of Unearned Revenue
A rent payment made in advance. A services contract paid in advance. A legal retainer paid in advance. Prepaid insurance.
Which of the following statements correctly defines accrued revenues?C. Accrued revenues have not been recorded, and unearned revenues have been recorded. The statement is correct as accrued revenue is not recorded before the adjusting entry is made, and unearned revenue is recorded before the adjustment.
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Which of the following statements is (are) correct regarding unearned revenues?
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