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      Question

      What is deferred

      revenue?
      A Revenue received in advance for which performance obligation not satisfied --- presented as contract liability Correct Answer Incorrect Answer
      B Revenue earned but not billed Correct Answer Incorrect Answer
      C Revenue recognised on accrual basis Correct Answer Incorrect Answer
      D Non-monetary income only Correct Answer Incorrect Answer

      Solution

      Deferred revenue is a liability that represents advance payments from customers for goods or services that are yet to be delivered or performed.

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