Identify the financial statements in which you would find each of the items listed below. Some items may appear on more than one statement. Indicate all financial statements that apply to each item. The possible choices are:
-Unearned revenue
A)Balance Sheet
B)Statement of Stockholders' Equity
C)Income Statement
D)Statement of Cash Flows

Question

Quizplus · Accepted Answer

Unearned revenue is reported on the Balance Sheet as a liability because it represents money received from customers for services or goods not yet delivered or completed.

Identify the Financial Statements in Which You Would Find Each