Asked by
Brantley Lynch
on Oct 28, 2024
Verified
Unearned revenues are reported as liabilities on the balance sheet.
Unearned Revenues
Money received by a company for a product or service that has yet to be delivered or performed.
Liabilities
Financial obligations or debts owed by a company to creditors, expected to be paid in the future.
Balance Sheet
A detailed statement that captures a business's assets, liabilities, and shareholder equity as of a specific date.
- Distinguish between assets and liabilities in the context of accounting transactions.
Verified Answer
NS
Learning Objectives
- Distinguish between assets and liabilities in the context of accounting transactions.
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