NO! Prepaid expenses are assets!!
asset
No.
No. They are listed as a debit on the asset side of the Balance Sheet.
Unearned revenue is the amount which client has paid already but not received the services yet so it is the liability of the company until they renderred the services to client or otherwise return back the amount to the client.
Certifying Officers have pecuniary liability for erroneous payments.Certifying Officers
liability
Prepaid Income is considered current liability as it represents the advances received from customers on account of work to be performed.
A liability is what it represents.
If it has been prepaid by a customer and you show the cash related to this prepayment on your books, it is straight liability. You can think of this as something that you have but does not belong to you until you earn it. It is not deferred liability.
A limitation (a cap) of liability clause is a contractual provision that restricts the amount of damages a client can recover from a company. Uncapped liability is a liability without a limit.
Pecuniary