Homework Answers
Answer
- TRUE. Unearned Revenues are classified as liabilities.
- Unearned revenues constitute the amount received in advance for
which the services are yet to be performed.
So long as these services are not performed, the revenue will not be deemed to be ‘earned’, and the balance received as advance is recorded as a’liability’ with account name ‘unearned revenues’.
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True or False
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True or False
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