PracticeQuiz content is free on an ad-supported model.

Unfortunately, we can't support ad blocker usage because of the impact on our servers. If you'd like to continue, please disable your ad blocker and reload page.

Reload page

CLEP Accounting

Category - Accounting

Start a Study Session Sign up for Question of the Day

Unearned revenue is considered a/an:

Asset
Liability
Revenue
Owner’s equity
Profit

Explanation

Answer - B - Unearned revenue is a liability.

Key Takeaway: Unearned revenue is a transaction in which payment was received, but services not yet rendered. It is considered a liability, as the business has an obligation to perform the service in the future.

Was this helpful? Upvote!

Start a Study Session Sign up for Question of the Day

Most popular on PracticeQuiz

157 votes

An 8-year-old boy named Albert has a 10-year-old brother named Benny. Benny joins the service at 20 leaving Albert feeling bitter that he no longer has a brother to look up to. After 7 years, Albert is finally ready to make up with Benny who has been out of the service for 5 years. How old is Albert now? GED Exam Prep: Math
120 votes

The lymphatic system contains four organs: Medical Coding Exam Prep
79 votes

Using motivation from ‘within’ is called ______________. CPCE Exam Prep
73 votes

“A set of specialized organizational capabilities for providing value to customers in the form of services” is the official definition of: IT Service Management Foundation Practice Test
72 votes

Which are the most serious adverse effects associated with Lithium? MACE Medication Assistant Exam Prep

CLEP Accounting

Top questions

Related questions

Most popular on PracticeQuiz

Ad-Blocker not supported

CLEP Accounting

Top questions

Related questions

Most popular on PracticeQuiz