Examlex

Solved

An Unearned (Deferred)revenue Is Reported as a Liability Because Cash

question 111

True/False

An unearned (deferred)revenue is reported as a liability because cash has been collected,but the related revenue has not been earned by the end of the accounting period.


Definitions:

Promissory Note

A finance-related written assurance where one party obligates to pay the other a clearly defined monetary amount, either when required or at a particular future time.

Discounted

Refers to the process of determining the present value of a future amount of money or stream of cash flows given a specific rate.

TD Canada Trust

One of Canada's prominent banking and financial services providers, known for offering a wide range of personal and business banking solutions.

GICs

Guaranteed Investment Certificates are financial products in Canada offering an assured interest rate over an agreed-upon term.

Related Questions