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When U.S. Steel, a steel producer, bought control of iron ore companies at the beginning of the 20th century, the company was initiating
Unearned Service Revenue
Liabilities arising when a business receives payment for services that have not yet been performed, recognized as revenue over time as services are provided.
Accounts Receivable
Customer debts to a company for the provision of services or delivery of goods not yet paid for.
Accounting Cycle
A series of steps taken in order to prepare financial statements, starting from transactions and ending with closing the books.
Post-closing Trial Balance
A financial statement that lists all accounts and their balances after closing entries have been made, usually the final step in the accounting cycle.
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