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Condensed FS

A financial statement (FS) that lays out a minimum content for interim financial reporting requirements. This is meant to provide...

Condensed Financials

A financial statement that lays out a minimum content for interim financial reporting requirements. This is meant to provide a...

Unearned Revenue

A revenue that an entity/ a business has not yet earned. In other words, it refers to all amounts received...

Contra Revenue Account

A contra account for revenues, i.e., a revenue account that has a debit balance, rather than the credit balance of...

Contra Revenues Account

A contra account for revenues, i.e., a revenues account that has a debit balance, rather than the credit balance of...

Condensed Financial Statement

A financial statement that lays out a minimum content for interim financial reporting requirements. This is meant to provide a...

Legal Liability

A liability (financial obligation) that arises from an entity's actions and the others' expectations built on such actions where the...

Legal Obligation

A liability (financial obligation) that arises from an entity's actions and the others' expectations built on such actions where the...

Constructive Obligation

A liability (financial obligation) that arises from an entity's actions and the others' expectations built on such actions where the...

Constructive Liability

A liability (financial obligation) that arises from an entity's actions and the others' expectations built on such actions where the...