It Is Necessary to Lay a Foundation for the Admissibility

question 55

True/False

It is necessary to lay a foundation for the admissibility of all types of scientific evidence.

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Definitions:

Deferred Revenue

Income received by a company for goods or services yet to be delivered or performed; it is recorded as a liability on the balance sheet until the transaction is completed.

Accrued Revenue

Revenue that has been earned but not yet received or recorded at the end of an accounting period.

Adjusting

The process of making entries to update internal accounts for events that have transpired but are not yet recorded at the end of an accounting period.

Cash Basis

An accounting method where revenues are recognized when cash is received, and expenses are recorded when cash is paid out.