Question: When payment is received before services have been performed, a) revenue is recorded because the payment has been received. b) revenue is accrued until the

When payment is received before services have been performed,

a) revenue is recorded because the payment has been received. b) revenue is accrued until the service has been performed. c) a liability is recorded because there is an obligation to perform services in the future. d) a liability is recorded unless the services will be performed within the next operating cycle.

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