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How does the objectivity principle support ethical behavior?
Year-End
The completion of an accounting period, typically a 12-month cycle, at which time a company prepares financial statements and closes its books.
Unearned Revenue
Unearned revenue refers to money received by a company for goods or services yet to be delivered or performed, hence recognized as a liability until the service is completed.
Financial Statements
Reports that summarize the financial activities and condition of a business or individual.
Liability
A financial obligation or amount owed by a company to creditors, employees, tax authorities, or other entities.
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