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Anastasia wants to run and finish a marathon. Every day her trainer measures the distance she is able to run, and even though she is far short of the 26-mile distance of a marathon, Anastasia is praised for her daily runs. Her trainer feels that if he starts with the basic running skill and rewards her smaller efforts, Anastasia will eventually run a successful marathon. Her trainer is addressing her running behaviour by using the
Principles of _.
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Revenue received for services that have not yet been performed or delivered and is recorded as a liability until the service is provided.
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An initial upfront portion of the total amount due that is paid at the time of purchase, often in the context of buying property or high-value items.
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Expenses that have been incurred but not yet paid for, recognized in the accounting period they are incurred, not when they are paid.
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