A Personal Balance Sheet Presents

question 26

Multiple Choice

A personal balance sheet presents

• A)items owned and amountsowed.
• B)income and expenses for a period of time.
• C)earnings on savingsand investments.
• D)amounts budgeted for spending
• E)family financial goals.

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Definitions:

Fees Earned

Income generated from services provided, recognized in the period in which the services are rendered.

Billed

Issuing an invoice to customers for goods sold or services provided, indicating the amount they owe the business.

Unearned Subscription Revenue

Income received for subscriptions that have yet to be fulfilled or delivered to the customer, considered a liability until earned.

Subscription Revenue

Income earned by a company through the sale of subscriptions for services or products, often recognized over the subscription period.