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Match each definition with its related term by selecting the appropriate letter from the dropdown below.
A liability account used to record the obligation to provide future services or return cash that has been received before services have been provided.
B. Costs that result when a company sacrifices resources to generate revenues in the current period.
C. A type of asset account used to record the benefits obtained, when cash is paid before expenses are incurred.
D. The amount charged to customers for providing goods or services.
Term Definition
Expenses
Unearned Revenue
Prepaid Expenses
Revenues

Respuesta :

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Answer:

A liability account used to record the obligation to provide future services or return cash that has been received before services have been provided.  ⇒ UNEARNED REVENUE represents cash paid in advance by your customers for future services or goods that you must provide.

B. Costs that result when a company sacrifices resources to generate revenues in the current period.  ⇒ EXPENSES represent all the money or resources that a business uses in its regular business operations.

C. A type of asset account used to record the benefits obtained, when cash is paid before expenses are incurred.  ⇒ PREPAID EXPENSES represent services paid in advance, e.g. you purchase a 2 year insurance policy.

D. The amount charged to customers for providing goods or services. ⇒ REVENUES represent the money that your company collects or should collect in the future in exchange for providing goods or services to its customers.

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