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What types of industries have unearned revenue? Why is unearned revenue considered a liability? When is the unearned revenue recognized in the financial statements?

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This solution is comprised of a detailed explanation to answer what types of industries have unearned revenue.

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Revenue recognition: Revenue is recognized when both of the following conditions are met:

a. Revenue is earned.

b. Revenue is realized or realizable.

Expense recognition: Expense is recognized in the period in which related revenue is recognized (Matching Principle). Revenue is earned when products are delivered or services are ...

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