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Advance payments made as a loan are generally repayable but this is not always the case. In Leibson Corporation and Others v TOC Investments Corporation and Others, an English Court of Appeal case in 2018, [3] it was established following principles of contractual interpretation that, in the absence of any specific language to the contrary, an "advance" is not always repayable.
A deferred expense, also known as a prepayment or prepaid expense, is an asset representing cash paid in advance for goods or services to be received in a future accounting period. For example, if a service contract is paid quarterly in advance, the remaining two months at the end of the first month are considered a deferred expense.
Accounting is the balancing and restoration of algebra applied to wealth accounting. [ 20 ] In 756, the Abbasid caliph Al-Mansur sent scholars, merchants and mercenaries to support the Tang dynasty 's Dukes of Li to thwart the An Shi Rebellion .
In accounting, the revenue recognition principle states that revenues are earned and recognized when they are realized or realizable, no matter when cash is received. It is a cornerstone of accrual accounting together with the matching principle. Together, they determine the accounting period in which revenues and expenses are recognized. [1]
Advances in Public Interest Accounting (ISSN 1041-7060) is a book series on accounting, published regularly since 1986. [1] The series is edited by Jorge Romero and published by Emerald Group Publishing. [2] The publication is abstracted and indexed in Scopus, [3] Web of Science [4] and Australian Business Deans Council. [5]
Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. [1] [2] Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. [3]
The term Merchant Cash Advance is commonly used to describe a variety of small business financing options characterized by purchasing future sales revenue in exchange for short payment terms (generally under 24 months) and small regular payments (typically paid each business day) as opposed to the larger monthly payments and longer payment ...
Financial accounting is a branch of accounting concerned with the summary, ... prepaid expenses - expenses paid for in advance for use during that year;
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