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Organisations should 'unlearn':
Prepaid Expense
An expense that has been paid in advance and is recorded as an asset until it is actually incurred.
Unearned Revenue
Unearned revenue refers to payment received for goods or services that have not yet been delivered or rendered. It is recorded as a liability on the balance sheet until the transaction is completed.
Accrued Expense
Expenses that have been incurred but not yet paid for, recognized in the accounting periods they are incurred rather than when cash changes hands.
Unearned Revenue
Income received by a company for goods or services that have not yet been delivered or performed; it is recorded as a liability on the balance sheet until the goods or services are provided.
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