Fees accepted in advance from a client
A) are considered earned revenues.
B) increase income.
C) are recorded as liabilities.
D) have no impact on assets.

Name: Fees accepted in advance from a client A) are considered earned revenues. B) increase income. C) are recorded as liabilities. D) have no impact on assets.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Fees accepted in advance from a client are recorded as liabilities because the service has not yet been performed, and the company owes the service or refund to the client.

Fees Accepted in Advance from a Client