Business, Legal & Accounting Glossary
Money received in advance of either providing the service or good to the customer. In the case of paying taxes on this type of income, they are usually paid the year they are received, but a business owner can defer this type of income to the next tax year or the year in which it is actually earned/collected. Also called unearned revenue.
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This glossary post was last updated: 16th November, 2021 | 0 Views.