6 Unearned revenues can best be described as... Inventory that has been ordered by a customer but not yet been shipped or paid for. An expense for money owed to customers for an overpayment. A liability related to cash received from customers for which the business has not yet provided the goods or services to the customer. An asset that represents money that customers owe to a business. Question 7 Accruals occur when... Cash is paid for an expense or received for a sale. Fixed assets have been purchased but no depreciation expense has been recorded. A business wants to set aside cash for future use. Revenues has been earned or expenses have been incurred but have not been recorded