Difference between revisions of "Unearned Revenue"
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Revision as of 09:05, 20 December 2018
Unearned Revenue is a liability account that records amount owed for goods or services in advance of delivery. The Cash account would record the receipt of cash.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Unearned Revenue. A liability account that records amount owed for goods or services in advance of delivery. The Cash account would record the receipt of cash.
Related concepts
- Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.
