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sergij07 [2.7K]
2 years ago
4

Cash collected from customers as refundable deposits or as advance payments for products or services are recognized as?

Business
1 answer:
Alex787 [66]2 years ago
6 0

Cash collected from customers as refundable deposits or as advance payments for products or services is recognized as <u>current </u><u>liabilities</u>.

<h3>What are current liabilities?</h3>

Current liabilities refer to the financial obligations of an entity to outsiders within the next twelve months.

Current liabilities are usually compared to current assets to discover the entity's working capital and ratios.

On the other hand, current liabilities are not the totality of an entity's liabilities.  The other aspect of the liabilities is classified as long-term liabilities, which require the financial obligations to be met after more than one year.

Thus, cash collected from customers as refundable deposits or as advance payments for products or services is recognized as <u>current </u><u>liabilities</u>.

Learn more about current liabilities at brainly.com/question/24130118

#SPJ1

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A. Adam Smith, Father of Modern Economics," believed that competition is a regulatory force.  He argues that keeps self-interest at bay by restraining the ability to take advantage of consumers. 

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A client with renal colic is scheduled for extracorporeal shock-wave lithotripsy. The night before the procedure, the client put
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