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Matching Key Terms and Descriptions (options may be used more than once)
-Tendency to overestimate the likelihood of good future events.
Sale of Land
A transaction involving the transfer of ownership of land from one party to another.
Receipts
Written acknowledgments of having received something, typically used for transactions and proof of payment.
Accrual Basis
An accounting method that records revenues and expenses when they are earned or incurred, regardless of when the cash is actually received or paid.
Cash Basis
An accounting method where revenues and expenses are recognized when cash is received or paid, not when incurred.
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