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What is a patent? Discuss the different types of patents that exist.
Unrecorded Expense
A cost or liability that has been incurred but not yet documented or included in the financial records or statements of a company.
Unrecorded Revenue
Earnings from completed transactions or delivered goods/services that have not yet been documented in the financial accounts.
GAAP
Generally Accepted Accounting Principles, which are a common set of accounting rules and standards used in the United States for financial reporting.
Accrual Basis
An accounting method where revenues and expenses are recorded when they are earned or incurred, regardless of when the cash transactions occur.
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