Unearned Fees Appear on the

question 47

Multiple Choice

Unearned Fees appear on the

• A) balance sheet in the current assets section
• B) balance sheet as a current liability
• C) balance sheet in the owner's equity section
• D) income statement as revenue

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Definitions:

Incapacity

Refers to a lack of the legal ability to perform some act, such as make a contract or a will.

Mental Illnesses

Health conditions involving significant changes in emotion, thinking, or behavior, reflecting disturbances in mental functioning.

Disaffirm

The act of denying, rejecting, or voiding a legal contract or agreement, especially by someone who is not legally competent.

Necessaries

Essential items required for living, such as food, shelter, and clothing, which a person cannot legally be deprived of.