Unearned Revenue Would Be Classified as A(n)________ Account

question 44

Multiple Choice

Unearned revenue would be classified as a(n) ________ account.

• A) liability
• B) asset
• C) revenue
• D) equity

Recognize the role and benefits of budgeting within organizations, including both profit and not-for-profit entities.

Formulate sales, production, and direct materials budgets based on sales forecasts and company policies.

Comprehend the process of budgeting for labor and manufacturing overhead costs.

Prepare comprehensive sales budgets, incorporating sales mix and price changes.

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Definitions:

Locus Of Control

A person’s belief concerning the degree to which internal or external forces control his or her future.

High Need To Achieve

A psychological trait characterized by a strong desire to accomplish tasks and meet high standards of performance.

Entrepreneurial Personality

A set of personality traits or characteristics that are commonly found in successful entrepreneurs, such as risk-taking, creativity, and resilience.

Need To Achieve

The personal quality, linked to entrepreneurship, of being motivated to excel and choose situations in which success is likely.