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Basic Financial Accounting Short Questions
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Question:
What is an "unearned revenue"? Select one alternative: A An expense which has been paid in advance, the benefits from which will be received in the next period B A revenue received in advance which creates a liability C A revenue has been earned but has not yet been recorded D An expense has been incurred but has not yet been recorded
Author: Gonza RAnswer:
B A revenue received in advance which creates a liability
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