Revenue Is An Asset Or Liability
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If you take on a company car loan of 25 000 this becomes a liability.
Revenue is an asset or liability. This will debit the unearned revenue liability account and crediting the revenue earned account in the income statement. Cash computer systems. As soon as the services or products are delivered proportionally the liability account is reduced with the same amount equal to the number of services or products delivered to the customer. Other definitions of liability.
Depending on the nature of the received benefit the company s accountants classify it as either an asset or expense which will. Tangible and intangible items that the company owns that have value e g. The five account types are. Assets liabilities equity revenue or income and expenses to fully understand how to post transactions and read financial reports we must understand these account types we ll define them briefly and then look at each one in detail.
Anyone going into business needs to be familiar with the concepts of assets and liabilities revenue and expenses. If your business were a living.
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