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The figure below shows a planet travelling in a counterclockwise direction on an elliptical path around a star located at one focus of the ellipse. When the planet is at point A:
Equipment
Tangible property or assets, excluding real estate and vehicles, used in the operation of a business to produce goods or services.
Unearned Revenue
Money received by a company for goods or services yet to be delivered or provided, recorded as a liability.
Liability
An obligation of an entity arising from past transactions or events, the settlement of which may result in the transfer or use of assets, provision of services, or other yielding of economic benefits in the future.
Fixed Asset
Long-term tangible property owned by a business that is used in its operations and not expected to be converted to cash in the short term.
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