Exhibit 9.5 is an extract from the University of Saskatchewans 019/20 annual report. (Most post-secondary institutions in
Question:
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.
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.
Step by Step Answer:
Deferred revenue represents the outstanding obligation a company or other organi...View the full answer
Understanding Financial Accounting
ISBN: 9781119715474
3rd Canadian Edition
Authors: Christopher D. Burnley
Related Video
Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
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