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20 October, 13:44

Which of the following accounts would not appear on a balance sheet? options: a. Unearned Revenue. b. Salaries Payable. c. Interest Revenue. d. Retained Earnings.

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  1. 20 October, 16:00
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    The correct answer is letter "A": Unearned Revenue.

    Explanation:

    Unearned Revenue is accrued payments obtained by a company or individual for products and services not yet made or delivered by the company. Other terms for unearned revenue are advanced payments or deferred revenue. According to the Generally Accepted Accounting Principles (GAAP) the revenue process must be complete before revenue becomes an asset. This requires both delivery of the service or product and received-up payment.

    Unearned revenue is recorded as a liability on the Balance Sheet because it represents a debt owed to a customer.
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