Which of the following is true regarding unearned revenue? Assets are increased when unearned revenue is earned. Liabilities are increased when unearned revenue is received. Net income is increased when unearned revenue is received. Revenue is increased when unearned revenue is received. Liabilities are increased when unearned revenue is earned.

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A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: For assets acquired on credit or by installment, the cost or fair value is equal to:  A. cash…

A: The fixed assets are the assets acquired by the business to use for long run.

Q: rue or False Unearned revenue is revenue that is earned but not yet collected

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Q: Explain the revenue recognition principle.

A: Accounting principle:

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Q: Gain contingencies are usually recognized in the income statemment when: a.realized b. occurance is…

A: Contingency represents the situation where the gain or loss depends on the event that may or may not…