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Refund Liability
An obligation recorded by a company to reflect anticipated refunds to customers for returned or unsatisfactory products.
Refund Liability
An obligation to return funds received from customers in the event of product returns or dissatisfaction, represented as a liability on the balance sheet.
Deferred Revenue Account
An account on a company's balance sheet that represents payment received from customers for goods or services not yet delivered or completed.
Contra Asset Account
An asset account where its balance is a negative figure that is subtracted from the balance of its related accounts on the balance sheet.
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