Asked by
Eugenia Abarca
on Oct 28, 2024Verified
The balance in deferred (unearned) revenue accounts represents amounts that are Earned Collected I. Yes No II. Yes Yes III. No No IV. No Yee \begin{array}{ll}&\text { Earned }&\text { Collected }\\I.&\text { Yes } & \text { No } \\II.&\text { Yes } & \text { Yes } \\III.&\text { No } & \text { No } \\IV.&\text { No } & \text { Yee }\end{array}I.II.III.IV. Earned Yes Yes No No Collected No Yes No Yee
A) I
B) II
C) III
D) IV
Deferred Revenue
Money received for goods or services which have not yet been delivered or performed; recognized as a liability until the revenue earning criteria are met.
Earned
Income or revenue that has been realized or generated, typically through the sale of goods or services.
Collected
The process of receiving or bringing in payments or money owed to an individual or business.
- Gain insight into the impact of transactions on unearned revenue and prepaid expenses, and how they are represented in financial statements.
Verified Answer
AM
Learning Objectives
- Gain insight into the impact of transactions on unearned revenue and prepaid expenses, and how they are represented in financial statements.