Obligations due to be paid within one year
Obligations due to be paid within one year or within the company’s operating cycle, whichever is longer, are:
Operating cycle liabilities
Which of the following correctly describes the unearned revenue account?
The unearned revenue account represents revenue that has been earned and collected.
The unearned revenue account represents revenue that has been earned, but not yet collected.
The unearned revenue account represents revenue that has been collected, but not yet earned.
The unearned revenue account represents revenue that has neither been earned nor collected.
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