Knowee
Questions
Features
Study Tools

Which of the following is an example of a liability?Accumulated depreciationRevenue received in advanceAllowance for doubtful debtsPrepayments

Question

Which of the following is an example of a liability?Accumulated depreciationRevenue received in advanceAllowance for doubtful debtsPrepayments
🧐 Not the exact question you are looking for?Go ask a question

Solution 1

Revenue received in advance is an example of a liability.

In accounting, a liability is something a company owes. When a company receives payment for goods or services that it has not yet delivered or performed, it creates a liability known as deferred revenue or unearned revenue. This is because t Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.

Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  

This problem has been solved

Similar Questions

Which of the following is an example of a liability?Accumulated depreciationRevenue received in advanceAllowance for doubtful debtsPrepayments

Accumulated depreciation is an: A. contra revenue account. B. liability account. C. contra asset account. D. expense account.

9.  An entry that results in a debit to an expense account and a credit to a related liability account is an example of which category of adjusting entries?

Which of the following is contra-asset account?Multiple choice question.Deferred RevenueDepreciation ExpenseAllowance for Doubtful AccountsCommon Stock

Which of the following is contra-asset account?Multiple choice question.Depreciation ExpenseAllowance for Doubtful AccountsDeferred RevenueCommon Stock

1/3

Upgrade your grade with Knowee

Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.