Unearned revenues are:
A) Also called deferred revenues.
B) Amounts received in advance from customers for future delivery of products or services.
C) Also called collections in advance.
D) Also called prepayments.
E) All of these.

Question

Quizplus · Accepted Answer

Unearned revenues are also known as deferred revenues, collections in advance, and prepayments. They represent amounts received from customers in advance of providing goods or services and are recorded as liabilities until the revenue is earned. Therefore, the correct option is E.

Unearned Revenues Are