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An advertisement shows a group of boys playing soccer on a hot day.When they take a break,the boys runs to a cooler to find something to quench their thirst.Inside the cooler are water bottles,cans of soda,fruit juices,and Gatorade.Immediately,the boys fight over the Gatorade showing that it is clearly the best choice.In this ad,liquid refreshment represents a _____,and Gatorade represents a _____.
Deferred Revenue
Income received by a company for goods or services yet to be delivered or performed, recognized as a liability until the obligation is fulfilled.
Unearned Rent
is income received by a landlord for rent that has been paid in advance by a tenant but has not yet been earned.
Adjust Revenue
The act of modifying the reported amount of revenue to more accurately reflect the earnings of a period, following certain accounting principles and standards.
Reported
Refers to information or data that has been officially announced or presented.
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