DEFERRED ASSET Definition

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DEFERRED ASSET is an amount owed to an entity that is not expected to be received by that entity within one year from the date of the balance sheet.

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GROSS is: a. the entire amount of income before any deductions are made; or, b. any total amount before any deductions (examples: gross income or gross labor).

MEMOS written records supporting journal entries. Credit memos support credits, while debit memos support debit entries. See Memo Entry.

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