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Fred needs major heart surgery,and he has consulted with two doctors about the operation.Dr.Marx tells Fred he has a 90% chance of surviving the surgery; Dr.Scalli tells Fred there is a 10% chance that he won't survive the surgery.Based on Kahneman and Tversky's research,
Deferral Adjusting Entry
An accounting entry made to defer the recognition of revenue or expenses to a future period.
Unearned Revenue
Money received by an entity for a service or product that has yet to be delivered or completed.
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Matching Revenue
The accounting principle of recognizing revenue and the related expenses in the same accounting period to accurately report profit.
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