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In an episode of the Glee television series, members of the glee club sold home-baked cupcakes at school to raise money. The students selling their cupcakes to classmates would be an example of
Accounts Receivable
Money owed to a business by its customers for goods or services provided on credit.
Generally Accepted Accounting Principles
A set of accounting standards and procedures adopted in the U.S. that guide how financial statements are prepared and reported.
Correcting Entries
Entries made in a journal to correct mistakes or inaccuracies found in the financial statements or ledgers after they have been posted.
Revenue
The sum of income a corporation generates from selling products or offering services over a specified timeframe.
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