Examlex
Flat-topped, submerged seamounts are referred to as
Unearned Rent
Income received by a landlord for a period of rent not yet occurred; it's considered a liability until the service period passes.
Adjusting Entry
An accounting journal entry made at the end of an accounting period to allocate income and expenditure to the appropriate years, ensuring financial statements are accurate.
Accounting Period
A specific duration of time used for financial reporting, usually quarterly or annually.
Supplies Expense
Supplies expense is the cost of consumable items used during the operating cycle of a business, such as office supplies, which are expensed as they are consumed.
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