Examlex
When the temperature of an object is reported as 23.7°C,the actual temperature can be assumed to be between 23.6°C and 23.8°C.
Performance
The act of executing or accomplishing work, tasks, or duties, often measured against predefined standards.
Prepaid Rent
Represents the payment of rent in advance before it is due, recorded as an asset on the balance sheet until it is expensed.
Deferral
An accounting concept where revenue or expense is recognized at a date later than the point when cash was originally exchanged.
Accrual
An accrual occurs when revenue has been earned or an expense has been incurred but has not been recorded.
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