Unearned revenues are
A)Liabilities created by advance cash payments from customers for products or services.
B)Revenues that have been earned and received.
C)Revenues that have been earned but not yet collected.
D)Recorded as an asset in the accounting records.
E)Increases to owners' equity.

Question

Quizplus · Accepted Answer

Unearned revenues are liabilities created by advance cash payments from customers for products or services that have not yet been provided or earned. It is recorded as a liability until the product or service is delivered, then it is recognized as revenue.

Unearned Revenues Are