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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Bureau of Internal Revenue (Philippines) The Bureau of Internal Revenue (Filipino: Kawanihan ng Rentas Internas‚ or BIR) is an attached agency of Department of Finance. BIR collects more than one-half of the total revenues of the government. Functions The powers and duties of the Bureau of Internal Revenue are: Assessment and collection of all internal revenue taxes‚ fees and charges; and enforcement of all forfeitures‚ penalties‚ and fines connected therewith‚ including the execution of judgments
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3.6 Revenue recognition with examples when goods are sold under sale or return There are cases when payments are received prior to events that trigger revenue recognition. In that case‚ cash is debited and the unearned revenue is credited. On the other hand‚ when revenue recognition is triggered before actual payment is received‚ accounts receivable is debited while revenue is credited (“Revenue Recognition Principle‚” 2013). Goods are sold under sale or return when they are “sent by the supplier
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Values and ethics are of high importance in determining the nature of a society or a culture. They are used as complimentary terms but they mean different in literal sense. Values define personal character and refer to the beliefs that a person practices when he interacts in personal and social relationships. The conduct exhibited by the person in personal-social behaviors gives a correct evaluation of his morals. Values identify the way a person lives. Ethics are the codes or standards of conduct
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school that proves to lead towards student learning and higher achievement including strong leadership‚ clear and shared mission‚ vision‚ values‚ and goals‚ collective inquiry‚ action oriented‚ collaborative teams that work interdependently‚ a focus on student learning and results oriented. These ideas are represented within a Professional Learning Community (PLC). To become a PLC‚ a staff must make changes in their actions and work together focusing on student learning. PLC’s have evolved out
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4DEP Activity 1 Title: The HR Profession Map and how it is used Introduction - An explanation on how the HR professional can develop skills and behaviours to be an effective professional in their role‚ or achieve higher through self assessment. 1.1 HR Profession Map (HRMP) The CIPD HR profession map is a tool to assist HR practitioners to asses what level they are working at. The four bands of professional competence define the contribution that professionals make at every stage of
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Sustainable Community: Mission Statement: Our mission is to cultivate sustainable and environmentally friendly practices that mobilize members both across and within communities to transform their lifestyles by promoting a shared “green” consciousness. Our model serves to empower individuals and communities toward creating a sustainable equilibrium between lifestyle and environment. Through individual and community practices‚ our movement is a culture of environmental sustainability that seeks to
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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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India (i/ˈɪndiə/)‚ officially the Republic of India (Bharat Ganrajya)[c]‚ is a country in South Asia. It is theseventh-largest country by area‚ the second-most populous country with over 1.2 billion people‚ and the most populous democracy in the world. Bounded by the Indian Ocean on the south‚ the Arabian Sea on the south-west‚ and the Bay of Bengal on the south-east‚ it shares land borders with Pakistan to the west;[d] China‚ Nepal‚ andBhutan to the north-east; and Burma and Bangladesh to the east
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CJ220 Criminal Justice and the Community Community policing is explained as a collaboration of community and the police working together to help identify and solve criminal activities. Additionally‚ the whole concept behind it is to promote public safety and to enhance the quality of life within the neighborhoods in which we reside in. Community policing is composed of two major components which are community partnership and problem solving. Community policing is a program that was initially
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