Consider the following items, how many would be reported on the income statement? (i) Retained Earnings...
- Consider the following items, how many would be reported on the income statement?
(i) Retained Earnings
(ii) a Deferred Revenue
(iii) a Deferred Expense
(iv) Consulting Service Fees Earned
|
A. |
3 |
|
|
B. |
0 |
|
|
C. |
4 |
|
|
D. |
1 |
|
|
E. |
2 |
Homework Answers
Ans: The correct option for the answer is option E i.e. 2
Only Consulting services fees earned appears on the income statement as it is a part of revenue and It will appear on income statement under Revenue Section.
and deferred revenue is Also appears as earned revenue on income statement as the goods or service yet to be delivered and it also appears on balance sheet rest other options i.e. Retained earnings , deferred expense appears on balance Sheet
Deferred Expense generally appears under Assets or contra Liability
Retained earnings also appears on balance Sheet also Listed as other statement i.e. Statement of Retained earnings
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