When Part of the Amount of Unearned Revenue Has Been

question 1

True/False

When part of the amount of unearned revenue has been earned, the unearned revenue account must be adjusted.

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Definitions:

Entrusted

Given over to another's care or protection, often relating to property or duties.

Merchant

An individual or company engaged in the trade of goods, services, or commodities for profit.

UCC

The Uniform Commercial Code; a comprehensive set of laws governing all commercial transactions in the United States, intended to standardize the law across the states.

Physical Delivery

Refers to the actual transfer of the underlying asset rather than a cash settlement in futures and options trading.