It Is Acceptable to Record Cash Received in Advance of Providing

question 201

True/False

It is acceptable to record cash received in advance of providing products or services to revenue accounts if an adjusting entry is made at the end of the period to bring the liability account balance to the correct unearned amount.

---

Definitions:

Anxiety-Related Disorders

A group of mental health disorders characterized by significant and persistent anxiety and fear, which negatively impact daily functioning.

Second Only

Indicates that something is immediately after the first in position, importance, or rank, often used to denote a high level of status or quality next to the top-ranking position.

Obsessions

Persistent, intrusive, and unwanted thoughts or urges that cause distress or anxiety.

Repetitive Behaviours

Actions or rituals that are performed the same way repeatedly, often observed in various psychological conditions.