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Author Question: Unearned Revenue is classified as a(n) a. revenue account. b. expense account. c. liability ... (Read 114 times)

dalyningkenk

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  • Posts: 598
on: Jul 6, 2018
Unearned Revenue is classified as a(n)
 a. revenue account.
   b. expense account.
   c. liability account.
   d. contra revenue account.
   e. asset account.

Question 2

Assume that the town of Beatrice earned the following during the year:
   Charges for services in public works of 289,000
   Public safety operating grants of 100,000
   Property taxes of 1,950,000
   Interest earned on restricted grants
 
  of 5,750
   Interest earned on unrestricted grants of 3,250
   Public works capital grants of 310,000
   Sales taxes of 425,000
  Based on this information and assuming all revenues were earned, governmental activities general revenues for the year would be
  a. 3,083,000
  b.  704,750
  c. 1,950,000
  d. 2,378,250
  e. 2,384,000


jointhecircus

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Reply #1 on: Jul 6, 2018
Answer to Question 1

c

Answer to Question 2

D


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