Accounting Dictionary - Letter U

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Unearned revenue
represents cash received and recorded as liabilities before revenue is earned because services or goods are still to be provided to a customer. When services or goods are provided to a customer, revenue is then earned. These amounts are shown in the liabilities section on the balance sheet. Unearned revenue is normally a current liability, but unearned revenue also can be a non-current liability (i.e., in situations when revenue will be earned in more than 12 months after the balance sheet date).
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