Unearned Revenue Is a Liability Account

question 85

True/False

Unearned revenue is a liability account.

---

Definitions:

Family Relationships

Connections between individuals related by blood, marriage, or adoption, affecting legal rights and responsibilities.

Illegal

Refers to actions or activities that are forbidden by law and subject to criminal penalties and sanctions.

Procedural Unconscionability

A legal term referring to a situation where one party to a contract is at such a severe disadvantage, usually because of imbalanced bargaining power, that the contract becomes unfair.

Consequential Damages

Damages that do not flow directly and immediately from an act but rather flow from the results of the act; damages that are indirect consequences of a breach of contract or certain other legal wrongs. Examples include personal injury, damage to property, and lost profits.