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.
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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