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Unearned revenue is the monies received ahead of the product or service having been provided. If I prepay on a lease, for example, but haven't used the full term of the lease yet-- or if I pay a company for a sofa which I have yet to receive. Unearned revenue is counted as a liability on the books of a company until the service or product has been provided. Does that help?
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Revenue is basically the amount of money received by a company from its activities during a certain time period. The concept of Unearned Revenue is based on the accounting principle of recognition of revenue when it is received. So unearned revenue is a form of asset. And according to the choices you have given, it is a form of revenue that is not collected and currently matched with expenses.
For more details see the link below:
en.wikipedia.org
For more details see the link below:
en.wikipedia.org
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Unearned revenue is the money earned after a service is done or delivered that is on an agreement.
It is really not a revenue yet, but it is called a revenue already because it is agreed with the figures and contract/invoice. This will be an accounts receivable by the company once the service or product is delivered. Rental is best example of this..
It is really not a revenue yet, but it is called a revenue already because it is agreed with the figures and contract/invoice. This will be an accounts receivable by the company once the service or product is delivered. Rental is best example of this..
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