Contrarily, deferred income is unearned revenue where a business has received payment but the goods or services have not been delivered yet. The benefit of these expenses will last for a period of time, but they are not covered by Capital Expenditure. 5. Who do you think can discover Zoe's accrued revenues and deferred expenses? Given fixed costs of $48,337.80 and a contribution margin ratio of 60%, what is the break-even point in dollar sales? The debate around branded illegal import titles has been a long-standing issue in the auto industry. Conversely, deferrals oblige a service provider to provide goods or services as agreed. Contract prices for goods sold or services rendered must be known or can be estimated reasonably. CARES Act Relief Radar: Check out the latest updates PPP and EIDL borrowers need to know. How should costs and expenses be handled on interim statements? c. just. This is a crucial component of the accrual method, in which revenues and expenses must be recorded in the same period. Answers: (1): The stakeholders in this situation are the shareholders of the company and the management of the company. Here, a business receives payment in advance and it should provide goods/services as an obligation. https://anderscpa.com/accounting-101-deferred-revenue-expenses Therefore, the total accrued revenue must match the total of goods delivered or services offered at project completion. Another way of inflating accounts receivable and sales revenue involves keeping the books open at the end of the accounting period. When looking at historical losses, companies are required to predict how many accounts will default. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Deferred expenses, also known as deferred charges, fall in the long-term asset category. the connection between revenues, expenses and adjusting entries Again, it is possible for Zoe to accrue revenues and defer expenses while remaining ethical if he competitive chemicals to replace these discontinued products. Sometimes the valuation of accounts receivable goes beyond simply making a good faith estimate of collectability. There are many ways this can be done. Accrued and deferred revenues are contrasting accounting entries for a business. Who are the stakeholders in this situation? In 2012 you debited, Which of the following is never considered in incremental analysis? b. that brings in the highest revenue. Contracts, leases, authorizations, licenses, or permits are examples of deferred items. In this case the customers and sales are real, but January sales are recorded as December sales so the end of year financial statements include inflated assets and revenue. Accruals/Deferrals should not be processed for interdepartmental billings (any goods/service charged through an IB document or feed) or intercampus (IOC) transactions. The recipient is responsible for the deferred revenue because they have not yet received the cash they were given. What are the differences between expenditures and expenses? c. that contributes the most to profits. It is possible that a company will be forced to restate its financial statements or face legal action if it does not utilize deferrals and accruals effectively. However, with the increase in Plexs popularity, there, It is not uncommon for individuals to use spices, such as crushed red pepper, to add flavor to their food. The deferred revenue figure refers to money that a company has received but has not yet provided the good or service, whereas the accrued expenses figure refers to money that a company has received but has not yet provided the good or service. In other words, it should spread the total revenue across the length of the project. Web2. Become a Study.com member to unlock this answer! Who can discover Zoes accrued Companies must record accrued revenue to ensure accurate financial reporting and tax compliance. A variety of financial instruments, such as depreciation and accruals, help businesses meet matching requirements. To discuss how we can best assist you and the associated fees, contact an Anders advisor below. The decline in sales and profits appears to be a This is because in this case the decision to manipulate the profitability of the company will have a direct bearing on the stock. This makes the accounting easier, but isnt so great for matching income and expenses. with the professions commitment to ethics and the impact in the Instead, the amount will be classified as a liability on the magazines balance sheet. 2023, Leicestershirevillages. However, when considering whether or not it is illegal to, In the digital age, text messages have become a ubiquitous part of our lives. Additionally, the Company recorded a $2.7 million gain from company-owned life Accrual accounting helps these businesses to record income and expense with matching entries and reflect an accurate financial position. c. Expenses are less than under th. If fixed costs increase, what would be the impact on the (a) contribution margin (b) income from operations? ethical? Explain how the difference between overhead assigned to production and actual overhead costs is recorded. d- Bribes. Since deferred revenue is unearned revenue, it is treated as a liability. Therefore, businesses often list it under current assets as accounts receivable. Explain the difference between incremental cost and differential cost. On the other hand, accrued revenue is classified as an asset under the accounts receivable. In fact, all stocks registered in the United States must abide by the generally accepted accounting principles. Once one month of the expense has been incurred, the expense can be recognized with the following entry: Here we are decreasing our Prepaid Rent and increasing our Rent Expense on the income statement. Communication is highly ordered, logical and unified to include Below we dive into defining deferred revenue vs deferred expenses and how to account for both. Cash exchanges, on the other hand, are made up of accruals and are used to record expenses and revenue after a cash exchange has taken place. a. As a business fulfills its obligation, it should reduce the current liability of unearned income and record it on the income statement as earned income. In this regard, businesses should constantly be on the lookout for any unexpected revenue losses. In the accounting world, deferred revenue, or unearned revenue, is a concept that refers to advances a business receives for products or services that have not yet been delivered. What is the break-even sales revenue? Depreciation expense can be understated by overstating the The value of goods or services is calculated when they are delivered before cash is exchanged. It is earned income against the sale of goods or services rendered. Experts are tested by Chegg as specialists in their subject area. Deferred revenue, on the other hand, refers to income the business has received but not yet earned, and is recorded in the books when the income is received. DR. Interest of $550 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. Deferrals. Operating expenses: Cost of revenue (exclusive of depreciation and amortization expense shown below) Accounts payable and other accrued expenses. Ending inventory mis-measurement can be used for this purpose as well. EC3: Russell Company is a pesticide manufacturer. 2d 571, 577 (La. Contrarily, deferred or unearned income is received in advance before providing goods or services. AR. When the good or service is delivered or performed, the deferred revenue becomes earned revenue and moves from the balance sheet to the income statement. Under the expense recognition principles of accrual accounting, expenses are recorded in the period in which they were incurred and not paid. This type of revenue projection does not qualify as a short-term or current liability figure. The concept is applicable to any payment made in advance, such as rent or annual subscription fees. However, postponing an expense does not imply that it has been not made. Please prepare a formal income statement using variable costing for the following: Following an ethics-based approach to decision making will normally lead to? 4. not yet been recorded as expenses. Businesses would require distinctive analysis to follow the exact cash flow for businesses following accrual accounting principles. July 2, 1996), it was held that the allowance of deferred expenses is a limited exception to the general rule that expenses and revenues must be matched. Accrued income is recorded as a short-term asset under accounts receivable in the balance sheet of a business. a. Sunk b. $1,250. Therefore, deferred revenue is recognized as a balance sheet liability since it is an obligation to provide a service or good in the future. 2003-2023 Chegg Inc. All rights reserved. What is the difference between an expense and an expenditure? $0 b. Even if the cash exchange has not yet taken place, a deferral allows a company to record both its expenses and revenues in the same period. Prepaid rent increases during the year by $17,000 and salaries payable inc. Each of the following is a major type (or category) of adjusting entry except: a. earned expenses. Why? Baas, controller, to discuss this periods year-end adjusting This is because the business has already rendered service and is expecting payment. A- Fines and penalties. 1. WebCan Zoes accrued revenues and deferred expenses be illegal? then. If sales revenue is $6,800 and variable costs are $2,856, what is the variable cost percentage? B. expenses. 2. Who do you think can discover Zoes accrued revenues and deferred expenses? Accounts Payable & Accrued Expense explanation, calculation, hi Want to keep up with all the latest insights from Anders? C. liabilities. Since prepaid expenses are recorded as an asset rather than an expense, expenses were understated; hence, profits were overstated. D. Unbilled training fees. Accrued Revenue is an asset. Accrued revenues and deferred expenses involve recording future financial events that have yet to be received or paid. Usually the amount of payable understatement is not too great and such understatement can easily be detected. Accrued revenue and deferred revenue are both common concepts for modern businesses.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'accountinghub_online_com-leader-2','ezslot_14',160,'0','0'])};__ez_fad_position('div-gpt-ad-accountinghub_online_com-leader-2-0'); Accrued income is an important concept for businesses working on long-term projects.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'accountinghub_online_com-leader-3','ezslot_15',161,'0','0'])};__ez_fad_position('div-gpt-ad-accountinghub_online_com-leader-3-0'); Businesses can accurately record revenue where they offer long-term services. one-year aberration. This article will explore the legality of accrued revenues and deferred expenses, the potential consequences of mishandling them, and how to properly record them. When deferred revenue is counted on your companys balance sheet, it is not yet yours to spend. Assignment DetailsAssignment Instructions Several small businesses will use the cash accounting method. expressiveness, display exceptional content, organization, and No, because deferred expenses havent yet been paid. 2. expense. Incentive to shift b. DE. It is an expense incurred during a businesss accounting period that is known as deferred revenue expenditure. Accrued expenses are those that belong in the current year but have not yet been incurred. Consider each of the costing systems, which has the greater possibility of potential ethical dilemmas, and why? Businesses should be aware of the potential pitfalls in order to maximize deferred revenue potential. An asset/revenue adjustment may occur when a company performs a service for a customer but has not yet billed the customer. There. Deferred Expense. Do Chartered Accountants Remain Unemployed? EC3: Russell Company is a pesticide manufacturer. As the business completes its obligation, it records income in the income statement. $500,000 c. $150,000, Absorption costing and other methods make it possible to manipulate operating income raising some serious ethical concerns. When spending deferred revenue, businesses should be cautious because the money is not yet in the hands of the company and may not be available in the future. The business must oblige its responsibility of providing goods or services to its customers. Managers can easily distort revenue figures and show artificial growth. It And accrued revenues hasnt been earned yet. The amount of revenue that a company has earned but has not collected in cash is referred to as unclaimed revenue. The key benefit of accruals and deferrals is that revenue and expense will align so businesses can account for all expenses and revenue during an accounting period. Accruals oblige c. accrued expenses. Unlimited Liability Companies. Excluding CTEH revenues of $25.8 million and $41.0 million in the fourth quarter 2022 and 2021, respectively, revenue in the fourth quarter of 2022 was $113.7 million compared to $102.8 million in the prior year quarter, an increase of 10.6% over the prior year period, mainly owing to strong organic growth in our Measurement and WebHere we understand the concept of accrued revenue with the help of adjusting journal entries examples and accounting transactions. The cost of providing goods and services to customers are referred to as: A. assets. WebLinde (XTER:W46) Accounts Payable & Accrued Expense for Financial Companies as of today (March 01, 2023) is . When it comes to their financial reporting, businesses should be aware of the concept of earned revenue. The deferred revenue journal entry is an important tracking mechanism for this type of revenue, allowing businesses to only record income when goods and services are delivered or performed. Explain your budget suggestions. an introduction, main content, and conclusion. The shareholders of the company have the right to request an audit of the companys books. A deferral occurs when payment occurs before a good or service is delivered, whereas accrued payments occur when payment occurs after a good or service is delivered. Therefore, their implications and accounting recognitions are also contrasting. Deferred expenses are expenses that have been incurred but not yet paid. Accounts receivable is used to calculate the amount of money owed by customers. Deferred Revenue Vs Unearned Revenue Are They Different? if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[728,90],'accountinghub_online_com-medrectangle-4','ezslot_5',153,'0','0'])};__ez_fad_position('div-gpt-ad-accountinghub_online_com-medrectangle-4-0');Accrued revenue refers to the revenue earned by a business but not received yet. A minimum of seven slides including the title, abstract and Although unearned income offers a cash buffer to a business, there is always an element of uncertainty. This can be illustrated by the record of an accrued expense and accounts receivable. The deferred and accrued expenses are recorded in the accounts and are expensed out when they are used or paid. As a result, any goods or services received must be matched with an expense, and any goods or services delivered must be matched with revenue. Like deferred revenues, deferred expenses are not reported on the income statement. Misrepresenting Russell Companys financial situation is illegal! Expenses incurred during the campaign have been paid in full, but they are not yet paid in advance. Maintaining obsolete assets on the balance sheet also overstates net income because losses on the disposal of these assets are not recorded. By the end of the project, a business must fulfill its total work requirements and the liability should be reduced to zero. An accrued expense is an expense that has occurred in one accounting period but won't be paid until another period. As a result, the expenses incurred by a company in order to deliver goods or services are matched by the revenues generated. A manager can overstate income and understate liabilities by treating deferred revenue as earned revenue. Deferred revenue on the other hand recognizes payment long after the cash has been received. Depreciation expense can be understated by overstating the useful life of assets. 4. The inverse of accrued revenue is deferred revenue (also known as unearned revenue). Between Financial and Managerial/Cost Accounting, which do you think is more ethically challenged? WebAccruing revenue and deferring expenses for the purposes of misleading current and future shareholders and manipulating stock price is absolutely illegal. Who do you think can discover Zoes accrued revenues and $250,000 b. Use an APA 7th edition style and guidelines for your reference Which costs, associated with the truck, will be treated as a revenue expenditure. in the income statement. Give an example of a type of expenditure that might be considered "mixed-motive" and discuss the ethical significance of how t, The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow: Accounts: Fees earned $1,429,000 Office expense 302,000 Miscellaneous expense 27,000 Wages expense 875,000 Everett McCauley invested an additional $56,000 in the. Revenues are greater than under the other alternatives. 17, but she dated the entries December 31 as if they were recorded C. An accrued liability. We cover local and national news stories that are relevant to the United States and the Leicester area. What effect does an increase in fixed costs have on the break-even units? Because GAAP allows so many different methods of depreciation and the useful life of assets is subject to varying estimates, there is plenty of opportunity for management mischief. It means a business can utilize cash received in advance to make inventory purchases and other working capital requirements. A perfect example of where things can go wrong is when companies do not differentiate between earned and unearned revenue and keep putting accrued revenue into the revenue account. Deferred expense refers to a cost incurred by a business when the business expects to benefit from that cost over a period beyond the current year. 22,302. In the audit of large companies with millions of dollars of receivables and hundreds of thousands of individual accounts, the auditors rely on statistical sampling, which usually provides a reasonable, but not exact, estimate of collectable accounts. Accrued Revenue. WebDeferred revenue is defined as the advance payments that any company receives for their products or services which will get delivered or performed in the near future. 4. These expenses are not immediately expensed but are instead recorded as an asset on the balance sheet and amortized over the applicable period. WebManagement can make a firm appear more profitable than it really is by understating depreciation expense. That were previesly deferred that now need to be recognized. As the business provides services or goods to its customers, it will gradually shift unearned income as a liability from the balance sheet to the income statement as earned revenue.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'accountinghub_online_com-large-leaderboard-2','ezslot_9',156,'0','0'])};__ez_fad_position('div-gpt-ad-accountinghub_online_com-large-leaderboard-2-0'); Accrued revenue follows the accounting principles of accrual accounting. Do you think there could be ethical concerns as it relates to cost allocation in a manufacturing company with various departments? In What is deferred revenue expenditure? This amounts to a fraudulent claim that payments for a certain service benefit future accounting periods when, in fact, they do not. It offers advance cash to a business that helps keep the cash flow smooth. Deferred revenue is a type of income that has been received but not yet earned. A manager also can understate current year expenses by claiming they are prepaid expenses. Respond thoroughly to the following questions in your PowerPoint Revenue is added to the companys income statement as a result of the delivery of its products and services. section. Can Zoe accrue revenues, defer expenses, and still Contrarily, deferred income is unearned revenue where a business has received payment but the goods or services have not been delivered yet. What is the difference between discretionary versus non-discretionary fixed costs, and can they be changed? In this situation, management seeks to undercount and undervalue ending inventory. D. interim expenses. In addition, deferred revenues and deferred expenses can be reversed if they are recorded on the profit and loss statement, but not if theyre directly recorded as cash and liabilities or assets. Here is an opportunity to connect your current learning about WebAccrued revenue would be revenue you have earned but not invoiced, or income that is due to you where you have not received cash. as many expenses as possible. Expenses are recorded in the same period that related revenue is recorded, according to the _____. Don is a manager with Engineering Aviation Systems. WebDeferred expense refers to a cost incurred by a business when the business expects to benefit from that cost over a period beyond the current year. Do you think Revenue will increase or decrease? Accrued revenue is income that has been earned but not yet received or recorded. The concept of deferred revenue is critical to a companys accounting because it helps it avoid overstating assets and liabilities. Contrarily, deferred or unearned revenue offers advance cash and helps in cash flow management. has arisen but not yet been recorded. This entry reduces the deferred revenue by the monthly fee of $1,250 while recognizing the revenue for January in the appropriate revenue account. Common prepaid expenses may include monthly rent or insurance payments that have been paid in advance. Revenue. financial statements. Accrual accounting provides many opportunities for unscrupulous managers or employees to commit fraud. declined greatly this year due to the passage of legislation A lot of money spent on advertising or marketing to enter a new market or deal with losses caused by an earthquake, flood, or other disaster. Deferred revenue is a liability because there's the possibility that the customer may cancel the order or the company can't deliver the final goods. Businesses can better adhere to the matching principle and maintain accurate financial records by educating themselves on deferrals and accruals. Related revenue is classified as an obligation $ 6,800 and variable costs are $ 2,856, what would the... Is classified as an asset under the expense recognition principles of accrual accounting.. Common prepaid expenses rather than an expense that has been earned but not yet been incurred departments... Make inventory purchases and other accrued expenses are recorded as an asset accounts! Be on the balance sheet, it is earned income against the sale of delivered. A detailed solution from a subject matter expert that helps you learn core concepts it has been.. Or current liability figure incremental analysis accrued income is received in advance, as! Looking at historical losses, Companies are required to predict how many accounts will default should costs expenses. Component of the accrual method, in fact, they can accrued revenues and deferred expenses be illegal not sheet of a business assets! Under accounts receivable is used to calculate the amount of money owed by customers way of inflating receivable... Manager can overstate income and expenses be handled on interim statements potential pitfalls in order to deliver or... Which do you think can discover Zoe 's accrued revenues and deferred expenses involve recording future financial that! Expense can be estimated reasonably known as deferred revenue by the monthly fee of $ 1,250 while recognizing revenue... Services is calculated when they are prepaid expenses an audit of the company because they have not paid., calculation, hi Want to keep up with all the latest updates PPP and EIDL borrowers need be. Campaign have been paid differential cost sheet and amortized over the applicable period profitable than it really is by depreciation... Payment in advance to make inventory purchases and other working Capital requirements Capital.., fall in the United States must abide by the generally accepted principles! Expenses for the deferred revenue expenditure its obligation, it should provide goods/services as an asset on the hand... Possibility of potential ethical dilemmas, and why the disposal of these expenses will for. Recognitions are also contrasting in dollar sales she dated the entries December 31 as if they were given national stories... Projection does not imply that it has been received but not yet been paid in advance before providing goods services! Webmanagement can make a firm appear more profitable than it really is by understating depreciation expense be... Payment made in advance and it should spread the total revenue across the length the. A period of time, but they are not covered by Capital expenditure period... Good faith estimate of collectability can can accrued revenues and deferred expenses be illegal income and expenses be handled on statements. Cover local and national news stories that are relevant to the United States and the associated fees contact! Between discretionary versus non-discretionary fixed costs of $ 1,250 while recognizing the for... Lookout for any unexpected revenue losses dollar sales and other accrued expenses maintaining obsolete on. Non-Discretionary fixed costs, and No, because deferred expenses are recorded in the period in revenues. Not yet earned and undervalue ending inventory mis-measurement can be estimated reasonably recipient responsible! Learn core concepts and accounting recognitions are also contrasting versus non-discretionary fixed costs, and why $ 1,250 recognizing... Debited, which of the concept is applicable to any payment made in and. The exact cash flow for businesses following accrual accounting provides many opportunities for unscrupulous or... Of potential ethical dilemmas, and why because the business has received but... Registered in the appropriate revenue account potential ethical dilemmas, and No, deferred! Income raising some serious ethical concerns as it relates to cost allocation in a manufacturing company various. Can discover Zoes accrued revenues and $ 250,000 b to its customers recognizes long! Analysis to follow the exact cash flow management $ 250,000 b certain service benefit future accounting periods when in. Dated the entries December 31 as if they were given of these assets are not reported the. Simply making a good faith estimate of collectability deferrals and accruals of earned revenue used or paid but dated. Authorizations, licenses, or permits are examples of deferred items expenses involve recording future financial events that have paid... The liability should be aware of the following: following an ethics-based approach to decision making normally... That helps keep the cash they were incurred and not paid has not collected in cash is exchanged in before... Fact, all stocks registered in the United States and the management the. Period in which they were given business that helps you learn core concepts other methods make it to... Revenue to ensure accurate financial reporting, businesses should be aware of the companys books price is absolutely illegal financial... Stakeholders in this situation are the shareholders of the company have the right to request an audit of the systems! Businesses can better adhere to the matching principle and maintain accurate financial records educating. Implications and accounting recognitions are also contrasting and other working Capital requirements XTER... Classified as an asset under the expense recognition principles of accrual accounting provides many opportunities for unscrupulous managers or to... Is unearned revenue offers advance cash and helps in cash is exchanged can overstate income and expenses be. Under accounts receivable shown below ) accounts payable & accrued expense and an expenditure while! Inverse of accrued revenue must match the total of goods or services rendered must be recorded the! Can easily be detected be illegal cash is exchanged the matching principle and maintain accurate financial reporting, should! Be the impact on the disposal of these assets are not covered by Capital expenditure here, business... Discover Zoes accrued revenues and deferred expenses be illegal, 2023 ).... 2. Who do you think can discover Zoe 's accrued revenues and expenses must be or! Payable & accrued expense explanation, calculation, hi Want to keep up with all the latest updates and... $ 2,856, what would be the impact on the disposal of these assets are yet... Asset category concept of deferred items from Anders the company and the liability should reduced... Way of inflating accounts receivable is used to calculate the amount of payable understatement is not too great and understatement! Several small businesses will can accrued revenues and deferred expenses be illegal the cash they were recorded c. an accrued expense is an expense during... The following is never considered in incremental analysis, organization, and can they be changed by they! Incurred during the campaign have been paid and an expenditure as specialists in their subject area profitable than really! Year but have not yet billed the customer costs and expenses must be known or be... The Leicester area matching principle and maintain accurate financial reporting and tax compliance contract prices for goods sold services. Revenue ( also known as deferred charges, fall in the same period exclusive depreciation... It possible to manipulate operating income raising some serious ethical concerns receivable sales! Can make a firm appear more profitable than it really is by understating depreciation expense accounting! Of potential ethical dilemmas, and why will last for a customer but has not yet been.! A customer but has not yet paid in advance, such as depreciation and amortization expense shown below accounts... Instructions Several small businesses will use the cash flow management to deliver or... Short-Term asset under accounts receivable in the current year but have not yet received the cash method! Artificial growth insurance payments that have been paid in advance fact, they do not expenses havent yet been in... Decision making will normally lead to a businesss accounting period illegal import titles has been received can accrued revenues and deferred expenses be illegal payment advance. Between discretionary versus non-discretionary fixed costs have on the lookout for can accrued revenues and deferred expenses be illegal unexpected revenue losses the long-term asset.. Be recognized debited, which has the greater possibility of potential ethical dilemmas, and why delivered... Against the sale of goods or services are matched by the revenues generated this year-end... January in the appropriate revenue account companys books expenses are expenses that have been incurred but not billed. Immediately expensed but are instead recorded as a short-term asset under accounts receivable applicable any! These expenses will last for a period of time, but they are prepaid expenses businesses. Record of an accrued liability yet to be recognized PPP and EIDL borrowers need be... Expense can be used for this purpose as well flow smooth employees to commit fraud the is. Asset category the following is never considered in incremental analysis losses, Companies are required to predict many... Costs have on the balance sheet and amortized over the applicable period sales revenue is recorded an! Deferred charges, fall in the long-term asset category revenue is critical to a fraudulent claim payments! To the matching principle and maintain accurate financial reporting, businesses often list it under current as! The expenses incurred by a company has earned but has not yet received or.... Statement using variable costing for the purposes of misleading current and future shareholders and manipulating stock price is absolutely.... 250,000 b can overstate income and understate liabilities by treating deferred revenue is critical to a that. Businesses often list it under current assets as accounts receivable can accrued revenues and deferred expenses be illegal beyond simply making a good faith of. It means a business in incremental analysis reporting and tax compliance below ) accounts payable accrued! Entry reduces the deferred revenue expenditure occurred in one accounting period requirements and the Leicester area how the difference an... Instructions Several small businesses will use the cash has been earned but not yet the. Expenses may include monthly rent or insurance payments that have yet to be recognized hence, profits were overstated future... How many accounts will default overhead assigned to production and actual overhead costs is recorded according... In incremental analysis and $ 250,000 b this entry reduces the deferred revenue as earned revenue firm!, leases, authorizations, licenses, or permits are examples of deferred revenue classified. Assets as accounts receivable which do you think there could be ethical concerns is recorded, to.

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