Unearned revenue is a (n) account. ( )
A: revenue
B: expense
C: liability
D: asset
A: revenue
B: expense
C: liability
D: asset
举一反三
- Unearned Revenue is classified as a(n) ________ account. A: liability B: asset C: revenue D: equity
- What type of account is Unearned Revenue (asset, liability, stockholders’ equity, revenue, or expense) and what is its normal balance, respectively?
- Unearned Revenue is a ________ account and carries a ________ normal balance. A: liability; credit B: asset; credit C: revenue; debit D: asset; debit
- Adjusting entries are necessary so that asset, liability, revenue, and expense account balances are correctly recorded.
- Unearned revenue is reported in the financial statements as: A: A liability on the balance sheet. B: A revenue on the balance sheet. C: An unearned revenue on the income statement. D: An asset on the balance sheet.