What are examples of revenue accounts?

Examples of revenue accounts include: Sales, Service Revenues, Fees Earned, Interest Revenue, Interest Income. Revenue accounts are credited when services are performed/billed and therefore will usually have credit balances.

Which of the following is an example of revenue?

Explanation: Cash received from providing services to customers is an example of revenue, and is an asset source transaction.

What is revenue in accounting quizlet?

Revenue is the income earned by a business over a period of time, eg one month. The amount of revenue earned depends on two things – the number of items sold and their selling price. In short, revenue = price x quantity.

What is the account type of service revenue?

Service revenue appears on a balance sheet as an accounts receivable for services rendered, which are also known as “accounts payable.” This amount is typically listed separately from other accounts receivable because it’s not considered cash.

What are 5 examples of revenue?

Types of revenue accounts
  • Sales.
  • Rent revenue.
  • Dividend revenue.
  • Interest revenue.
  • Contra revenue (sales return and sales discount)

What are 4 types of revenue?

There are four primary types of revenue streams: transactional, project, service, and recurring.

Which of the following is not a type of revenue?

Answer and Explanation: d) Unearned Revenue is not a type of revenue. Unearned Revenue is a liability that shows a company has received cash for work or products but has not yet earned those assets and is listed on the balance sheet.

Is cash a revenue account?

What is a Revenue Account? Revenues are the assets earned by a company’s operations and business activities. In other words, revenues include the cash or receivables received by a company for the sale of its goods or services.

What are types of revenue?

Revenue can be divided into operating revenue—sales from a company’s core business—and non-operating revenue which is derived from secondary sources. As these non-operating revenue sources are often unpredictable or nonrecurring, they can be referred to as one-time events or gains.

What is revenue and types of revenue?

Revenue is the earning that an enterprise has from its normal business pursuits, usually from the sale of commodities, and services to consumers. Revenue is also mentioned and referred to as turnover or sales. A few companies get revenue from royalties, other fees, or interests.

Which of the following is not an element of the financial statements?

The elements of the financial statements are the assets, liabilities, revenue, gain, losses, etc. The balance sheet is a financial statement not an element of the financial statement.

Which of the following would be included in the definition of cash?

Cash typically includes coins, currency, funds on deposit with a bank, checks, and money orders. Items like postdated checks, certificates of deposit, IOUs, stamps, and travel advances are not classified as cash.

Which of the following is shown on the balance sheet?

Which of the following are shown on the Balance Sheet? The Balance Sheet lists a company’s Assets, Liabilities and Stockholders’ Equity.

What are the 5 accounting elements?

The chart of accounts organizes your finances into five major account types, called accounts: assets, liabilities, equity, revenue, and expenses.

Which of the following accounts would not appear on a balance sheet?

Which of the following accounts would not appear on a balance sheet? Service Revenue and Interest Expense are income statement accounts and, as such, they do not appear on the balance sheet.

What are the 5 elements of financial statements?

The main elements of financial statements are as follows:
  • Assets. These are items of economic benefit that are expected to yield benefits in future periods. …
  • Liabilities. These are legally binding obligations payable to another entity or individual. …
  • Equity. …
  • Revenue. …
  • Expenses.

What are the 5 types of accounts?

The 5 Account Types
  • Assets.
  • Liabilities.
  • Expenses.
  • Income (Revenue)
  • Equity.