When a Person Buys Property but Under the Title Is

question 212

Short Answer

When a person buys property but under the title is prevented from building certain types of structures or carrying on certain types of activities at that location,this is called what?

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Definitions:

Revenue Recognition

The accounting principle that dictates the specific conditions under which income becomes realized as revenue.

Adjusting Entries

Journal entries made at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Prepayments

Payments made in advance for goods or services, which are recorded as assets on the balance sheet until the corresponding goods or services are received.

Unearned Revenue

Money received by an entity for a service or product yet to be delivered or performed.