Contract liability, deferred revenue and unearned revenue are all ways to describe a liability that the seller recognizes with respect to unsatisfied performance obligations for which the seller has already been paid.

Question

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Contract liability, deferred revenue, and unearned revenue all refer to a liability that a seller recognizes when they have been paid but have not yet fulfilled their obligation to the buyer.

Contract Liability, Deferred Revenue and Unearned Revenue Are All Ways