The present value of money is the principal 
you need to invest today so that it will grow to an amount 
at the end of specified time.The present value formula 
is obtained by solving the compound interest formula 
for 
Recall that 
is the number of years, 
is the interest rate per year, and 
is the number of compoundings per year.find the present value of amount 
invested at rate 
for 
years, compounded 
times per year. 
Definitions:
Correcting Entry
A journal entry made to amend an error in the accounting records.
Unearned Service Revenue
Liabilities arising when a business receives payment for services that have not yet been performed, recognized as revenue over time as services are provided.
Accounts Receivable
Customer debts to a company for the provision of services or delivery of goods not yet paid for.
Accounting Cycle
A series of steps taken in order to prepare financial statements, starting from transactions and ending with closing the books.
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