For a Service Company,such as an Accounting Firm,each Client Is

question 155

True/False

For a service company,such as an accounting firm,each client is considered a job.

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Definitions:

Unearned Revenue

Money received by a company for services or products yet to be delivered or provided, considered a liability until the service or product is delivered.

Prepaid Expense

Expenses paid in advance for goods or services, which are recorded on a balance sheet as assets until used.

Accrued Revenue

Revenue earned but not yet received in cash or recorded at the statement date, typically recognized in accrual-basis accounting.

Accrued Expense

Expenses that have been incurred but not yet paid or recorded at the end of a reporting period.