Under accrual accounting, Fees received in advance from customers should be shown as being earned

Name: Under accrual accounting, Fees received in advance from customers should be shown as being earned
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Under accrual accounting, revenue should be recognized when services are performed or goods are delivered, regardless of when payment is received. Therefore, fees received in advance should be recognized as revenue when the services are actually provided or goods are delivered.

Under Accrual Accounting, Fees Received in Advance from Customers Should