The Liability Created When a Business Collects Cash from Customers

question 107

Multiple Choice

The liability created when a business collects cash from customers in advance of completing a service or delivering a product is called:

• A)accrued revenue.
• B)accrued expense.
• C)deferred revenue.
• D)prepaid expense.

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Definitions:

Constructive Criticism

Feedback given in a positive manner aimed at improving someone's performance or work quality, focusing on specific issues and offering solutions.

Medical Assistant

A healthcare professional who supports the work of physicians and other health professionals, usually in a clinic setting.

Patient's Record

Documented information about a patient's medical history, treatment plans, and progress.

Claim Refusal

A response to a request or claim that denies the requestor's desired outcome, often with reasons for the denial.