When revenue or expense has been recognized or incurred but not yet collected or paid, it is normally called a(n) ____________ revenue or expense.
A) deferred
B) adjusted
C) estimated
D) None of these answer choices are correct.

Question

Quizplus · Accepted Answer

Deferred revenue or expense refers to money received or paid in advance for services or goods to be provided in the future, not to revenue or expense that has been recognized but not yet collected or paid.

When Revenue or Expense Has Been Recognized or Incurred but Not