Question

Explain what unearned revenues are by selecting the statements below which are correct. (Check all that apply.) Multiple select question. They are reported on a balance sheet. They refer to cash received in advance of performing a service or product. They are also called accounts receivable. They are a liability. They are also called deferred revenues. They refer to earnings which have been earned, but not yet billed.

Answer 1

Answer:

They are reported on a balance sheet.

They refer to cash received in advance of performing a service or product. They are a liability.

They are also called deferred revenues.

Explanation:

Unearned revenue is a term in which the transactions that are related to the receiving of money could be considered for the service or product to be provided or delivered. It is as a prepayment

Also it is a liability account that should be recorded at the balance sheet. It is also known as deferred revenues