What represents a potential future obligation of a company?

The correct choice represents an obligation that arises because the company has received payment for goods or services that it has yet to deliver or perform. This situation creates a liability, known as unearned revenue, which reflects the company's commitment to fulfill those obligations in the future. When a company collects cash in advance, it recognizes this cash as a liability until the service or product is provided, at which point it can recognize the revenue.

Prepaid expenses and accrued expenses also represent aspects of a company's financial management but do not specifically convey a potential future obligation in the same context as unearned revenue. Prepaid expenses are amounts paid in advance for services or goods to be received in the future, which do not create a potential obligation in the same manner. Accrued expenses are costs that have been incurred but not yet paid, representing obligations that have already been recognized. However, the context of the question focuses primarily on future obligations related to advance payments, making unearned revenue the appropriate choice.