B. Do nation state is still relevant today in the era of globalization?


Subject Economics

No, 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.


In accounting, assets are any resources with value owned by the business, company, entity or person. Assets have two categories, these are:

Current AssetsNon-current Assets1. Current Assets

-these are assets that can be readily convertible to cash in a normal operating cycle of a business.

Some Examples of Current AssetsCash and cash equivalentsAccounts ExpensesMarketable Securities2. Non-current Assets

-these are long-term assets or long-term investments that have a longer useful life that is usually more than 1 year. Not easily convertible to cash.

Some Examples of Non-Current AssetsLandProperty, Plant and EquipmentTrademarksLong-term InvestmentsGoodwill

All fixed assets and intangible assets fall under the category of non-current assets.


In accounting, liability is the payables or debts 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


Para malaman ang kalagayan ng sistema ang sarili nating bansa

Globalization has contributed to the limitation of sovereign statehood. Yet, the state still survives in the era of globalisation.


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