UNEARNED REVENUE / INCOME Definition

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UNEARNED REVENUE / INCOME represents money that you have received in advance of providing the goods or services to your customer. Unearned revenue is a liability of your business until you provide the goods or services you agreed to provide to the customer.

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ERROR OF PRINCIPLE, in accounting, occurs when one or both of the entries are made in the wrong class or category of account.

ACCRUED INCOME is income earned during a fiscal period but not paid by the end of the period.

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