Economists generally agree that economic development and growth are influenced by four factors: human resources, physical capital, natural resources and technology. Highly developed countries have governments that focus on these areas.
Yes, unearned revenue is an example of liablity. Unearned Revenue is money already received from the customer or client for service or product that has yet to perform or deliver. In accounting initial entry, cash is normally debited and unearned revenue is credited since it is a liability that the business need to provide yet a service or product. Unearned Revenue will be reverse once the service or product is already done or delivered to the customer.LIABILITy
In accounting, liability is the payables, debts or obligations of a business to settle. This an obligation of the company to settle to another company. Liabilities have two main categories:1. Current Liabilities
-these are payables,obligations or debts which are short-term payables that needs to be paid or settled by the business within a year.Some Examples of Current LiabilitiesAccounts PayableInterest PayableIncome Tax PayableAccrued ExpensesShort-term loans2. Non-Current Liabilities
-these are payables, debts or obligations that are long-term liabilities that can be settle after a year or more than a year.Some Examples of Non-Current LiabilitiesBonds PayableLong-term Notes PayableDeferred Tax LiabilitiesMortgage Payable
Further related topics about assets and liabilities
What is the opposite of assets
For related topics about fundamental accounting equation
Yes, it is true the local government and the community bssed group are working hand in hand for the betterment of the community especifically the making of policy and other good things for all the people living in the community. These two group will tackle about projects and the budget.