Which of the Following Have the R Configuration

question 17

Multiple Choice

Which of the following have the R configuration?

• A) only 1
• B) only 2
• C) only 1 and 2
• D) 1, 2 and 3

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Definitions:

Unearned Legal Fees

Money received by an entity for legal services yet to be performed, recognized as a liability until the services are rendered.

Adjusting Entry

A journal entry made at the end of an accounting period to update the ledger accounts for accruals, deferrals, and other adjustments necessary to ensure accurate financial reports.

Revenue Account

A revenue account tracks the income generated from a company's primary operations, such as sales of goods and services, during an accounting period.

Unearned Management Fees

Income received by a business for services that have not yet been rendered, considered a liability until the service is provided.