If the Client Miscounts the Number of Users, This Would

question 10

True/False

If the client miscounts the number of users, this would be an example of a(n) foreseeable circumstance that may require a change in the contract.

---

Definitions:

Carrying Value

The book value of an asset or liability on a company's balance sheet, calculated as the original cost minus depreciation or amortization.

Unearned Ticket Revenue

Revenue received from ticket sales before the event or service has been provided; also considered a liability until earned.

Adjusting Journal Entry

An accounting record posted at the conclusion of a fiscal period with the purpose of assigning revenues and expenses to their correct time frame.

Season Tickets

Tickets sold for a set number of events or performances, typically for concerts, theater performances, or sports events.