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Financial Accounting MCQs

What is NOT true about Unearned Revenue?

It is an asset account that depletes as the services/products are delivered

The balance decreases as services are provided and related revenue is recognizedÊ

It is the amount of cash received for the services not provided yet

It is a liability account representing the obligation to provide services in the future

Answer

Correct Answer: It is an asset account that depletes as the services/products are delivered

Explanation:

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