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For each historical identification question, define the term and briefly describe its historical significance.
November 11, 1918
Franchise Revenue
Income generated from the operation of a franchised business model, typically including fees and royalties paid by franchisees.
Matching Principle
An accounting principle that dictates expenses should be matched with the revenues they help generate, within the same accounting period.
Franchise Arrangements
Agreements where one party (the franchisor) grants another party (the franchisee) the right to use its trademark or brand name and operate a business under its business model.
Exclusive Right
A legal provision granting someone the sole authority to undertake a particular activity or use a specific property.
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