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A deferred expense (also known as a prepaid expense or prepayment) is an asset representing costs that have been paid but not yet recognized as expenses according to the matching principle. For example, when accounting periods are monthly, an 11/12 portion of an annually paid insurance cost is recorded as prepaid expenses.
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]
A going concern is an accounting term for a business that is assumed will meet its financial obligations when they become due. It functions without the threat of liquidation for the foreseeable future, which is usually regarded as at least the next 12 months or the specified accounting period (the longer of the two).
The interpretation of the economics underlying a transaction and even the wording of the accounting standards can vary between firms. This, along with the fact that a firm's financial statements are the responsibility of the firm's management, allows management to structure transactions to achieve desired accounting results, [2] by choosing an interpretation of the economics underlying the ...
"Jackie followed Artemis’ advice," she shared. "Onassis and Maria were twin (flames). They couldn’t separate from each other." According to Biography.com, Callas and Onassis met at a party in ...
"We expect rain to move into midtown Manhattan sometime between 7 and 9 p.m. on New Year's Eve and continue until 11 p.m. to 1 a.m. that night," said Alex Duff, an AccuWeather meteorologist, in an ...
Timothée Chalamet's guest picker appearance was seemingly set up to help him promote his upcoming movie, but the actor shocked the audience with an impressive set of well-informed picks.
In Cost-Volume-Profit Analysis, where it simplifies calculation of net income and, especially, break-even analysis.. Given the contribution margin, a manager can easily compute breakeven and target income sales, and make better decisions about whether to add or subtract a product line, about how to price a product or service, and about how to structure sales commissions or bonuses.