Amounts received in advance from customers for future products or services: Multiple Choice Are revenues. Increase income. Are liabilities. Are not allowed under generally accepted accounting principles (GAAP). Require an outlay of cash in the future.

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anthougo anthougo · Answer 1 · 2022-04-27T11:57:42+02:00

The amounts received in advance from customers for future products or services C. are liabilities.

A liability is a financial obligation owed by an entity to another.

A liability results in the fulfillment of a future financial obligation.

The future financial obligation involves the payment of economic benefits or resources to the other entity.

Thus, the amounts received in advance from customers for future products or services C. are liabilities.

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