Asked by
Mohita Dhirwani
on Nov 14, 2024
Verified
Unearned revenues should be classified as Other Revenues and Gains on the Income Statement.
Unearned Revenues
A liability recorded for cash received before services are performed.
Income Statement
A financial statement that shows a company's revenues and expenses, and ultimately its net income or loss, over a specific period.
- Comprehend the theory and management of unearned revenues and their influence on financial reports.
Verified Answer
LM
Learning Objectives
- Comprehend the theory and management of unearned revenues and their influence on financial reports.