Asked by
Nissona Hounshell
on Oct 15, 2024
Verified
Which of the following do not apply to unearned revenues?
A) May also be called deferred revenues.
B) Amounts received in advance from customers for future delivery of products or services.
C) Gift cards are an example.
D) Result from prepayments for concert tickets.
E) Amounts to be received in the future from customers for delivery of products or services in the current period.
Unearned Revenues
Liabilities representing payments received for goods or services that have not yet been delivered or performed.
Deferred Revenues
Income received by a company for goods or services yet to be delivered or performed, recorded as a liability on the balance sheet until earned.
- Enhance your understanding of liabilities, focusing on known, estimated, and contingent types, along with the recognition conditions for each.
Verified Answer
JC
Learning Objectives
- Enhance your understanding of liabilities, focusing on known, estimated, and contingent types, along with the recognition conditions for each.