Represent advance payments made 3 points for expenses which have not yet been incurred, used,...
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Accounting
Represent advance payments made 3 points for expenses which have not yet been incurred, used, utilized or consumed. Accrued Expenses Prepaid Expenses Unearned Expenses Accounts Expense The accounting concept which 3 points states that income is recognized when earned regardless of when collected and expense is recognized when incurred regardless of when paid. Matching Principle Time Period Accrual Deferral
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