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06-04-2020
Business

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Which types of liabilities do not represent obligations on the firm to transfer assets in the future, but are past transactions being postponed from the income statement until future periods?

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hyderali230 hyderali230

07-04-2020

Answer:

Advanced / Deferred / Unearned Income

Explanation:

Advanced / Deferred / Unearned Income is an obligation which is postponed from the income statement and and it does not require any future asset transfer to settle. It is recognized and settled in the yearly income. it is adjusted by an period end adjusting entries every year.

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