Accounting Questions Is Service Revenue an Asset? No, service revenue is not an asset. Assets are defined as resources with economic value that a business owns. Whereas… 4 min read 2 months ago
Accounting Questions Is Unearned Revenue a Liability? At the end of every accounting period, businesses need to make adjusting entries in order to accurately prepare their financial… 5 min read 2 months ago
Accounting Questions What Type of Account Is Unearned Revenue? You’re probably thinking: unearned revenue has to be a revenue account, right? The word revenue is in it! Well,… 5 min read 2 months ago
Accounting Questions Is Equipment a Current Asset? Current assets are short-term assets that are easily convertible into cash within a year. Equipment, however, isn’t meant to… 5 min read 2 months ago
Accounting Questions Is Inventory a Current Asset? Yes, inventory is considered a current asset. Current assets or short-term assets are accounts that track what a company owns… 5 min read 2 months ago
Accounting Questions Is Accumulated Depreciation an Asset? No, accumulated depreciation is not considered an asset account. In fact, it’s quite the opposite. Accumulated depreciation is a… 5 min read 2 months ago
Accounting Questions Is Depreciation an Operating Expense? The short answer is yes: depreciation is an operating expense. Depreciation is an accounting method that allocates the loss in… 5 min read 2 months ago