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
Accounting Questions
Accounting Questions
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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
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
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
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
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
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