Adjusting Entries Quiz 2

Here are five quick questions on Adjusting Entries. Can you get them all right?

1. Is “Sales Revenue” a Revenue account?
2. Is “Unearned Revenue” a Revenue account?
3. Is “Deferred Revenue” a Revenue account?
4. Is “Service Revenue” a Revenue account?
5. Is “Accrued Revenue” a Revenue account?

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[AccountingStuff]

How did you score?

⬇️ ANSWERS ⬇️

1. YES - Sales Revenue is indeed a Revenue account. It represents the income earned from selling goods or services.
2. NO - Unearned Revenue is a Liability account. It represents money received in advance for services or goods to be provided in the future.
3. NO - Deferred Revenue (aka. Unearned Revenue) is a Liability account. It represents money received before it’s been earned.
4. YES - Service Revenue is a Revenue account. It represents income earned from providing services.
5. NO - Accrued Revenue is an Asset account. It represents revenue that has been earned but not yet received or recorded in Accounts Receivable.

For more practice questions like this head to: accountingstuff.com

[Fathah___mt]

Bro, plz explain preparing income statement and Balancesheet

[lizaluk]

Explaining Deferred Revenue can be a help

[karamazrar]

Can you make a vedio explaining all this type of revenue

[edwardco]

How about questions like this but about income statement and balance sheet?

[sdcastaneda]

Can you do a video on how to balance the income statement with balance sheet

[life-tzrg]

Difficult quiz.
How do they effect balance sheet. Please post video.

Please upload shorts of CPA exam questions

[OfficialMutey]

What's the difference between "unearned revenue" and "deferred revenue"?

[stevensonstevens]

Do u have fb page so we can see your posts while scrolling

[khalil]

4/5 I just don't understand accrued revenue pls explain

[TruthBeTold-yu]

Accrued Revenue=Accounts Receivable which is an asset reported on the Balance Sheet

[leechdestroyerbg]

Here I am assuming all revenues are revenue accounts