GB 518 RANK Let's Do This /gb518rank.com GB 518 RANK Let's Do This /gb518rank.com | Page 46

Revenues that have been earned but not
yet collected in cash
Liabilities created when a customer pays
in advance for products or services before the revenue is earned
Recorded as an asset in the accounting
records
Increases to retained earnings
Question 5.
Question :
Technological advancement
Has replaced accounting
Has not changed the work that
accountants do
Has freed accounting professionals to
concentrate more on the analysis and interpretation of
information
In accounting has replaced the need for
decision makers
In accounting is only available to large
corporations
Question 6. Question :
Of the following accounts, the
one that normally has a credit balance is: