Hii tutor need your help Financial Accounting: -Which element triggers recognition of unearned subscriptionrevenue as earned?a) When cash is collectedb) Passage of time as service is providedc) At contract signing dated) When renewal period begins

Explanation of Unearned Revenue:Unearned revenue refers to money received by a company for a service…

Answered: Financial Accounting: - Which element…

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Chapter5: Corporate Ethical Governance & Accountabililty

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Problem 19.1EC

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Which of the following is a liability created when a company receives cash for services to be provided in the future? Select one: a. Unearned revenue b. Estimated warranty payable c. Service revenue d. Accrued liability
Use the list of concepts given to match the description of the concept to the concept.
Which of the following represents amounts owed for goods, supplies, or services purchased? Group of answer choices customer-related payable accounts payable liability for compensated absences bonds payable
. Aliability created for receiving cash for future services to be provided is termed a(n) O service revenue. Oestimated warranty payable. Ounearned revenue. O accrued liability.
The revenue recognition principle dictates that revenue be recognized in the accounting period Select one: a. after it is earned. b. before it is earned. wh the performance obligation is satisfied. C. d. in which it is collected Previous page Next pa hp
Which answer is accurate?
Estimated liabilities are disclosed in financial statements by: A. footnote to the financial statements. B. showing the amount among the liabilities but not extending to the liability total. C. an appropriation of retained earnings. D. appropriately classifying them as regular liabilities in the balance sheet. An item that is not a contingent liability is: A. premium offer to customers for labels or box tops. B. accommodation endorsement on customer note. C. additional compensation that may be payable on a dispute now being arbitrated. D. note receivable discounted. A loss contingency that should be accrued is: A. note receivable discounted. B. pending lawsuit C. tax in dispute D. estimated claim under a service warranty on new products sold.
Advances from customers are classified as a(n) a. b. C. d. Select one: a. current asset. b. current liability. С. expense. d. revenue.
How is the valuation of cuIrent assets affected if the company follows IFRS? ( OValuation is based on historical cost. OValuation is based on market adjustments. OValuation is based on LCM accounting. O Assets are expensed immediately. Aliability created for receiving cash for future services to be provided is termed O service revenue. O estimated warranty payable. Ounearned revenue. Oaccrued liability.
which of the following items does accounts receivable include a. money paid for labor and received for services b. accounts receivable aging report c. state unemployment insurance d. overhead should include costs directly associated with a particular project, such a material and specific projects payroll
Match the statements below with the accounting assumption, characteristic, or principle to which the statement relates. Assumptions/characteristics/principles may be used once, more than once, or not at all. Recorded when the performance obligation is satisfied. a. Revenue recognition principle V The reason for recording accruals and deferrals in adjusting entries. b. Matching principle Valuing assets at amounts originally paid for them. C. Historical cost principle Entity assumed to have a long life d. Going concern assumption Description of significant accounting policies and unusual events. e. Full disclosure principle v Information has predictive and confirmatory value. T. Relevance characteristic 8. Consistency characteristic

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Financial Accounting: - Which element triggers recognition of unearned subscription revenue as earned? a) When cash is collected b) Passage of time as service is provided c) At contract signing date d) When renewal period begins