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Services revenue is revenue same as product revenue and it is not an asset or liability of the business.
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∙ 10y ago
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Is revenue an asset liability or owner's equity?
sales revenue is owner's equity
Is deferred revenue an asset?
Deferred revenue is recognized when cash received in advance for product or service that not delivered or rendered, so it's liability, once service fulfilled or product received Revenue Would be recognized Deferred revenue also Known as unearned revenue
Is unearned revenue an asset or liablility?
Unearned revenue is liability until it is earned and shown under liability side of balance sheet.
Is sales revenue an expense or asset?
Sales is a revenue not an expense or asset while difference between sales and expense is profit which is liability for business.
Are Unearned Revenue is a contra asset account?
No. It's a liability account.
Is revenue an asset liability or owner's equity?
sales revenue is owner's equity
Is deferred revenue an asset?
Deferred revenue is recognized when cash received in advance for product or service that not delivered or rendered, so it's liability, once service fulfilled or product received Revenue Would be recognized Deferred revenue also Known as unearned revenue
Is unearned revenue an asset or liablility?
Unearned revenue is liability until it is earned and shown under liability side of balance sheet.
Is sales revenue an expense or asset?
Sales is a revenue not an expense or asset while difference between sales and expense is profit which is liability for business.
Are Unearned Revenue is a contra asset account?
No. It's a liability account.
What type of account is unearned service revenue?
Unearned Service Revenue is a Liability account.
Would service revenue be considered an asset?
Revenue is not considered an assets. Even from a double entry point of view, revenue would be a credit where as assets are debits so there no even interchangeable. If revenue was kept on the balance sheet as deferred income it would be as a liability.
Is interest income an expense asset or liability?
Interest income is part of revenue.
What are head of accounts?
There are Five heads of Accounts: Asset, Expense, Liability, Capital, Revenue.
What type of account is unearned revenue?
Unearned Service Revenue is a Liability account.
Is Commission a revenue or an expense?
if Commission is received then it is revenue but if commission is paid then it is expense, if commission is receivable then it is asset while if it is payable then it is liability.
What is net liability?
Asset - Liability = Net Asset / Liability * Net Asset - When Asset is more than Liability * Net Liability - When Liability is more than Asset
