Is Unearned Revenue a Contra Asset?

Answer Almost all accounting is done on either a cash basis or an accrual basis. Cash basis accounting means that costs and revenues are recorded on the accounts when cash is either paid out or received f... Read More »

Top Q&A For: Is Unearned Revenue a Contra Asset

Is Unearned Sales Revenue a Liability?

Accrual accounting is an accounting method in which accountants record transactions as they occur. This can lead to recording a transaction without actually recognizing the benefits or gains from i... Read More »

What is an unearned income tax return?

There is no such thing as an unearned income tax return. Unearned income is typically reported on an individual tax return, and is defined by the Internal Revenue Service as interest, dividends, pe... Read More »

Tax Implications of Unearned Vs. Earned Income?

For the purposes of America's progressive tax system, there are two types of income--earned and unearned. The reason for the disparity in treatment is because our government chooses to place a high... Read More »

What unearned income does Social Security disability count?

Social Security Disability will count most sources of unearned income. This includes veterans benefits, rental income and in some cases patrimony funds. It also includes retroactive Social Security... Read More »