Is account revenue an asset

Anonymous

∙ 11y ago

Updated: 10/14/2022

No, it is an owner's equity account.

Elta Frami ∙

Lvl 10

∙ 2y ago

What else can I help you with?

Is service revenue an asset account?

No, it is an owner's equity account.

Is rent revenue an asset account?

No, rent revenue is not an asset account; it is classified as a revenue account. Revenue accounts reflect earnings generated from business activities, such as rent collected from tenants. In contrast, asset accounts represent resources owned by a company that have economic value. While rent revenue contributes to a company's overall financial position, it does not meet the criteria of an asset.

What account is credited When an enterprise is the recipient of a donated asset?

The revenue account.

Are Unearned Revenue is a contra asset account?

No. It's a liability account.

What type of account is equipment?

Equipment is a long term asset account available for business to generate economic revenue.

Is sales an asset quity or liabitity?

Sales is not an asset, liability or equity account rather it is a revenue account and part of income statement rather balance sheet.

Is an account receivable a revenue?

Accounts Receivable is an asset since it is a resource controlled by the entity as a result of past transaction with the future economic benefit to flow to the entity.Sale of goods and services is a revenue and not accounts receivable.

What type of account is Prepaid Rent?

balance sheet as a current liability until it's earned, when you transfer the amount earned to revenue.

How do you audit an account?

If it is an asset account, you verify the location of the asset. If it is a transaction account, like accounts receivable, you take a sample, say 100 transactions, and verify amounts and whether or not the revenue has been earned.

Is inventory a revenue account?

No, inventory is not a revenue account; it is classified as an asset on the balance sheet. Inventory represents the value of goods and materials a company holds for sale or production purposes. Revenue accounts, on the other hand, reflect the income generated from sales of goods or services. When inventory is sold, it then contributes to revenue, but until that point, it remains an asset.

Is service revenue an asset or liability?

Services revenue is revenue same as product revenue and it is not an asset or liability of the business.

Is accrued revenue an asset?

no, its a revenue

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