Listed below are ten terms describing the purposes of the balance sheet.Following the list is a series of descriptive phrases.
Required:
Match each term with its descriptive statement by placing the appropriate letter in the space provided.
Definitions:
Calendar-Year
A one-year period that begins on January 1 and ends on December 31, used as the financial year by many countries and organizations.
Adjustment
A modification made to accounts or financial statements to correct them or to reflect changes in economic circumstances.
Unearned Subscription Revenue
Revenue received in advance for services or goods to be provided in the future, recognized as a liability until delivered.
Subscription Revenue
Income generated from customers who pay a recurring price at regular intervals for access to a product or service.
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