true or false? unearned revenues are amounts received in advance from customers for future products or services.

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28-10-2022
Business

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true or false? unearned revenues are amounts received in advance from customers for future products or services.

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SidHussain SidHussain · Answer 1 · 2022-10-31T08:50:53-04:00

The statement 'unearned revenues are amounts received in advance from customers for future products or services' is true.

In the field of business, unearned revenues can be described as a kind of profit or money that is taken from customers before supplying a product or service to the customer for which they have paid.

Unearned revenues are usually taken beforehand when there is a risk that customers will not pay for a product after they have been given the product. Due to this, the company has to bear the loss. Hence, unearned revenues are a strategy used by some companies to ensure that they are getting paid for their products or services.

To learn more about unearned revenue, click here:

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