Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 10 - No. 32)
Which of the following best describes unearned revenue?
Revenue earned but not yet billed.
Revenue earned and billed but not yet received.
Cash received for goods or services that have not yet been provided.
Cash received for goods or services that have been provided.
Explanation
Unearned revenue is a liability created when a company receives payment before providing goods or services.
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