All of the Following Are True Regarding Unearned Revenues Except

question 66

Multiple Choice

All of the following are true regarding unearned revenues except:

• A)They are payments received in advance of services performed.
• B)The adjusting entry for unearned revenues increases assets and increases revenues.
• C)The adjusting entry for unearned revenues increases revenues and decreases liabilities.
• D)They are liabilities.
• E)As they are earned,they become revenues.

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Definitions:

Equity Accounts

Accounts that represent the owner's interest in the assets of a company, after deducting liabilities, commonly consisting of stock and retained earnings.

Non-controlling Interests

A minority stake in a company held by investors who do not have a controlling interest or majority of the voting rights.

Subsidiary Entity

A company that is controlled or owned, either in part or fully, by another company, known as its parent company.

Parent Entity

A company that has control over one or more subsidiaries, owing enough of their stock to influence their operations.