Identify the Following Terms

question 10

Short Answer

Identify the following terms.
-Emilio Zapata

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Definitions:

Unearned Revenue

Money received by a business for goods or services yet to be provided; classified as a liability until the service or product is delivered.

Adjusting Entry

An accounting journal entry made at the end of an accounting period to record any unrecorded income or expenses for that period.

Contract

A legally binding agreement between two or more parties, outlining the terms and conditions under which specified actions are to be performed.

Recognize Revenue

The accounting principle dictating that revenue is reported at the time it is earned, regardless of when payment is actually received.