Exhibit 9.5 is an extract from the University of Saskatchewan’s 019/20 annual report. (Most post-secondary institutions in Canada have a fiscal year that ends on March 31, so it includes transactions from parts of two calendar years.)

Required 

Explain, in your own words, what deferred (or unearned) revenue represents in general. Also identify three types of transactions that could have given rise to the unearned revenue in Note 14 above. 

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14. Deferred Revenue April 30 2020 2019 Student fees $8,370 $9,982 Unearned revenue-ancillary operations 6,107 6,529 Student fees relate to fees received prior to April 30th for courses and programs offered after that date. Unearned revenue - ancillary operations relates to fees received prior to April 30th for student residences, parking, food services, hospitality services and the bookstore for services after that date.