Information That a Probation Officer Is Not Able to Verify

question 7

True/False

Information that a probation officer is not able to verify should be noted as "unconfirmed" or "unverified."

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Definitions:

Unearned Revenue

Money received by an entity for goods or services to be provided in the future, recognized as a liability until the service is performed.

Net Income

The amount of money a company makes once it has paid off all expenses and taxes from its revenue.

Ending Inventory

At the close of an accounting cycle, the valuation of products set for sale, computed by taking the initial inventory, adding the acquisitions, and deducting the cost of goods sold.

Reported Net Income

The final profit figure stated in a company's financial statements, as reported to shareholders and used for earnings per share calculations.