Examlex
What is line "C" pointing to?
Recognition
Recognition in accounting refers to the formal acknowledgment of a transaction or event in the financial statements, often involving the recording of revenue or expense.
Expense
Costs incurred by a business in the process of earning revenues.
Deferral Adjusting Entry
An accounting entry made to defer revenue or expense to a future period.
Unearned Revenue
Money received by a business for services or products yet to be delivered or completed.
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