What factors are considered in determining when revenue is recognized? Are these considerations the same for every organization? Why or why not?

What is unearned revenue? Is it an asset or a liability? Explain your response with examples from at least two different industries, and explain when your examples should be recognized as revenue.

What is an example of something that would be classified as an extraordinary item? What are the criteria for classifying an item as extraordinary, according to GAAP and IFRS? How does your selected item meet those criteria?