Which of the following is a liability?
A) Revenue received in advance
B) Accrued revenue
C) Prepayments
D) None of the answers provided

Question

Quizplus · Accepted Answer

Revenue received in advance is a liability as it represents an obligation to provide goods or services in the future.

Answer: B
 Accrued revenue is also a liability as it represents revenue that has been earned but not yet received.

Answer: C
 Prepayments are not a liability, but an asset as it represents payments made in advance for goods or services to be received in the future.

Therefore, the correct answer is D: None of the provided answers.

Which of the Following Is a Liability