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Explain the meaning of the terms contingent liabilities and provisions as they relate to U.S.GAAP and IFRS?
Accrued Sales Revenues
Revenues earned during a period but not yet received in cash or recorded at the statement date.
Unearned Sales Revenues
Money received by a company for products or services yet to be delivered or performed, considered a liability until earned.
Cash Collected
Revenue that has been received by a company from its various business activities, such as sales or services.
Investing Activities
Financial transactions involving the purchase and sale of long-term assets and other investments not included in cash equivalents.
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