Which of the following is reported in a Balance Sheet as a liability? a. Contingent liability b. Accumulated depreciation c. Revenue received in advance d. Accrued revenue

The correct answer is:

c. Revenue received in advance

Here's why:

a. Contingent liability - This is a potential liability that may occur in the future, such as a pending lawsuit. While it's important for a company to keep track of, it's not typically reported on the balance sheet unless it's likely to occur and the amount can be reasonably estimated.

b. Accumulated depreciation - This is an asset account, not a liability. It represents the total amount of depreciation expense that has been recorded against an asset since it was acquired.

c. Revenue received in advance - This is a liability because it represents money received by a company for goods or services that it has not yet delivered. Until those goods or services are delivered, the company owes them to the customer, making it a liability.

d. Accrued revenue - This is an asset, not a liability. It represents revenue that has been earned but not yet received. For example, if a company performs a service but hasn't been paid yet, the amount due is recorded as accrued revenue.