Examlex
For each historical identification question, define the term and briefly describe its historical significance.
-three-field system
Deferral
A deferral occurs when cash related to a future revenue or expense has been initially recorded as a liability or an asset.
Unearned Revenue
Money received by a business for goods or services that have yet to be delivered or performed.
Theater Tickets
Documents that grant the holder the right to enter a theater and see a performance.
Performance
The act of executing or accomplishing work, tasks, or duties, often measured against predefined standards.