What are some examples of deferred revenue becoming earned revenue?

The remaining $11,000 would continue to be reported as deferred revenue on the balance sheet until it’s earned. An example of unearned revenue could be a magazine publisher that offers annual subscriptions. If a customer pays for a one-year subscription upfront, the https://kelleysbookkeeping.com/ publisher would recognize the payment as unearned income. The publisher has an […]

The Periodicity Assumption

But, for purposes of measuring performance, it is necessary to draw a line in the sand of time. A periodicity assumption is made that business activity can be divided into measurement intervals, such as months, quarters, and years. It is one of the basic assumptions upon which financial statements are prepared, and it helps to […]

CORe Final Exam Preparation

Please review the Program Policies page for more details on refunds and deferrals. The applications vary slightly from program to program, but all ask for some personal background information. If you are new to HBS Online, you will be required to set up an account before starting an application for the program of your https://kelleysbookkeeping.com/ […]

What Is a Classified Balance Sheet?

Companies should sit down with their accountant to determine what is the best practices for tax reporting and consistency of bookkeeping. Noncurrent assets are added to current assets, resulting in a “Total Assets” figure. Noncurrent assets are assets needed for a business to operate and generate revenue. A current asset is defined as cash, short […]

What Is Full Charge Bookkeeping? Everything You Need To Know

A full charge bookkeeper is a professional who manages all the financial records of a small to medium-sized business. This includes, but is not limited to, managing accounts payable and receivable, payroll, bank reconciliations, ledger entries, monthly and year-end closings, and financial statement preparation. The “full charge” aspect refers to the fact that these bookkeepers […]

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