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Subjects>Business>Accounting

Is unearned revenue is nominal account?

Updated: 9/18/2023

Wiki User

∙ 10y ago

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Unearned ravenue is liability account as revenue is not yet earned but cash received.

Wiki User

∙ 9y ago

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Wiki User

∙ 10y ago

no!! =) its a real account

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Continue Learning about Accounting

Is unearned revenue nominal account?

no!! =) its a real account

What is the nature of the unearned revenue?

unearned revenue falls under the head of nominal account and it is definaltel a liability on the organization.

Unearned revenue is a contra revenue account?

Unearned Revenue is a Liability Account

What kind of account is unearned revenue?

Unearned Revenue is a liability account.

What type of account is unearned service revenue?

Unearned Service Revenue is a Liability account.

Related questions

Is unearned revenue nominal account?

no!! =) its a real account

What is the nature of the unearned revenue?

unearned revenue falls under the head of nominal account and it is definaltel a liability on the organization.

Unearned revenue is a contra revenue account?

Unearned Revenue is a Liability Account

What kind of account is unearned revenue?

Unearned Revenue is a liability account.

What type of account is unearned revenue?

Unearned Service Revenue is a Liability account.

What type of account is unearned service revenue?

Unearned Service Revenue is a Liability account.

Unearned revenue account is classified as a?

Unearned revenue account is classified as current liability as it is the revenue not yet earned by business.

Do unearned fees go into an income statement?

Not right away. When you record unearned fees or revenue it only hits the balance sheet. Ex: Debit- Cash or AR (Asset Account) Credit- Unearned Revenue (Liability) It is a liability until the revenue is earned in which case you then Debit: Unearned Revenue Credit: Revenue/Sales Account (finally and income statement account!)

Unearned revenue is classified as which type of the account?

contra account

Are Unearned Revenue is a contra asset account?

No. It's a liability account.

Will unearned revenue be shown in profit or loss account?

NO

Is unearned revenue a temporary account?

No it's permanent a

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