Which of the following is an example of a liability?Accumulated depreciationRevenue received in advanceAllowance for doubtful debtsPrepayments
Question
Solution 1
Revenue received in advance is an example of a liability.
In accounting, a liability is something a company owes. When a company receives payment for goods or services that it has not yet delivered or performed, it creates a liability known as deferred revenue or unearned revenue. This is because t Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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