GROSS RECEIPTS Definition

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GROSS RECEIPTS is the total amount received prior to the deduction of any allowances, discounts, credits, etc.

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ABC see ACTIVITY BASED COSTING.

DEFERRED, in accounting, is any account entry where the asset or liability is not realized until a future date, e.g. annuities, charges, taxes, income, etc. The deferred item may be carried, dependent on type of deferral, as either an asset or liability.

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