Unearned revenues are revenues that are received before the company delivers goods or provides services. Some industries that have unearned revenues would include magazine publishers as they only receive checks from customers once the magazine is ordered. Until then the company awaits payment and does not have this in advance. Another company would be airlines because they receive cash once the tickets are sold for future flights. Unearned revenue is used by any company that accepts payments or deposits
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Public Revenue Reporting and Monitoring The main sources of public revenue are: Taxes and levies such as for e.g. income tax‚ property tax‚ sales tax‚ license fees‚ import and export duties‚ levies charged for services etc Earnings from natural resources like oil‚ gas‚ minerals etc Loans from other governments‚ the private sector‚ or international financial institutions like the International Monetary Fund‚ World Bank and regional development banks that must eventually be repaid with
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in a rented apartment while she is carrying that bag o.” The truth is‚ this is now the norm in the entertainment industry. People try so hard to live the glamorous life‚ thus struggling on a daily basis to maintain the high life. Entertainers in Nigeria today now want to live like our American counterparts who obviously earn more money and have a better structured system where they are paid royalties. A system where credit facilities are available‚ such that you can drive a $100‚000 car without having
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course: This week you learned about the unearned revenue account. Provide three examples of unearned revenue. Answer: Three examples of unearned revenue would be 1.Prepaid Expense - A year long insurance contract a company paid $12‚000 for at the beginning of the year. Since the insurance company owes the company service‚ the expense prepayment is recorded as an asset Journal Entries: debit Prepaid Insurance and credit Cash). 2. Unearned Revenue - A year long subscription of $12‚000 is received
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CHAPTER ONE 1.1 INTRODUCTION The interest in poultry and poultry products have grown tremendously in the last 20 years faster than other food-producing animal industries on how the bird products are produced‚ processed‚ consumed and marketed. Almost every country in the world has a poultry industry of some kind. The biggest challenge of commercial poultry production is the availability of good quality feed on sustainable basis at stable prices. In spite of this challenge‚ commercial poultry production
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International Marketing Plan Report (Pizza Hut) (Target Market-Nigeria) Submitted to: Dr. Jawahitha Sarabdeen Subject: Marketing in a Global Economy (TBS982) Due date: 5th December 2013 Prepared by: Nithin Suresh 4465702 Noel Philip 4471350 Mohammed
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gaming industry‚ both from the viewpoint of someone that is interested in playing computer games and as an investor. The topic that I have chosen to address is the issue of revenue recognition. Revenue Recognition Analysis I started by looking at EAs annual report (Form 10-K) for the fiscal year ending March 31‚ 2007. Revenue recognition is discussed in some detail.
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Assignment 4 Case 7.2 Revenue Recognition Associated with Frequent Flier Miles Continental Airlines: Revenue is deferred and recognized when transportation is provided • Revenue is realized‚ and earned. The carrier has performed its duty‚ the service has been preformed. The amount of the claim is known AMR (American): Revenue is deferred and recognized over the period approximating mileage credits are used • Because there is no actual way of knowing when/if mileage will be used‚ it is not
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PUNJAB LAND REVENUE ACT 1. The West Pakistan Land revenue Act enforced on_____ Dec 07‚1967 2. The Punjab Land Revenue act is divided in to_______ chapters. 15 3. The Sections in the Punjab Land Revenue act 1967 are -------- 184 4. The schedules in Punjab Land Revenue act 1967 are-----------one 5. Lambardar is the most important functionary at _________ level. Village 6. Lambardar is given __ percent of Land Revenue which is called Pachotra. 5% 7. The West Pakistan Land revenue Act was passed
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Substantive Audit Testing: Revenue Cycle 1. Substantive Audit Testing: Revenue Cycle 2. MULTIPLE CHOICE: 3. 1. Which of the following might be detected by an auditor’s review of the client’s sales cut-off? 4. a. Excessive goods returned for credit. 5. b. Unrecorded sales discounts. c. Lapping of year end accounts receivable. d. Inflated sales for the year. 6. ANSWER: D 7. 2. Which of the following forms of evidence represents the most competent evidence that a receivable actually exists? 8. a. A
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