Unearned Revenues Are

question 70

Multiple Choice

Unearned revenues are

• A) cash received and a liability recorded before services are performed.
• B) revenue for services performed and recorded as liabilities before they are received.
• C) revenue for services performed but not yet received in cash or recorded.
• D) revenue for services performed and already received in cash and recorded.

Recognize different types of standards (ideal, normal, currently attainable).

Understand the computation of direct labor rate and time variances.

Understand the concept and interpretation of variance analysis in cost accounting.

Calculate and analyze revenue volume and price variances and their impacts on total revenue.

---

Definitions:

Mitigate Loss

Actions taken to reduce the severity or impact of a loss or damage, often a duty in contractual contexts.

Consideration

In contract law, something of value that is given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.

Damages

Financial compensation ordered by a court to be paid to a person who has suffered loss or harm due to the unlawful act or negligence of another.

Condition Precedent

A legal term for a condition that must be fulfilled before a party is required to perform a contractual obligation.