Record internal transactions and events
Recognize assets purchased during the
period
Recognize debts paid during the period
Correct errors
Question 13. Question :
the financial statements as:
Unearned revenue is reported on
A revenue on the balance sheet
A liability on the balance sheet
An unearned revenue on the income
statement
An asset on the balance sheet
An operating activity on the statement of
cash flows
Question 14. Question :
The length of time covered by a
set of periodic financial statements is referred to as the:
Fiscal cycle