Unearned Fees Quiz

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Unearned Fees Quiz

An Account titled ‘Unearned Fees from Services’ in a Firm’s books of accounts is an

A) Asset Account

B) Expense Account

C) Liability Account

D) Revenue Account

Unearned Fees Quiz Explained

Unearned Fees from services is the amount received in advance for the services that are not yet delivered. Revenues are recognised as income in the period they are earned as per the revenue recognition principle. The revenues are recognized as income in the period they are earned, so the Unearned Fees from Services is treated as Liability account.

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