It Is Possible That Some of the Expenses You Incurred

question 129

True/False

It is possible that some of the expenses you incurred in an accident are not covered by your policy.

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Definitions:

Accounts Receivable

Outstanding payments due to a business from its clients for goods or services already delivered but not yet settled.

Unearned Revenues

Funds paid to a business for products or services that are to be supplied or carried out in the future.

Adjusting Entry

An accounting entry made in the books at the end of an accounting period to allocate income and expenditure to the correct period.

Accrued Revenue

Revenue that has been earned through sales or services provided but not yet received by the company.