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Natalie Beres
on Nov 15, 2024

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Revenue results when there is an increase in a liability or a decrease in an asset.

Revenue

The total amount of income generated by the sale of goods or services related to a company's primary operations.

Liability

A financial obligation or amount owed by a company to another party.

Asset

An economic resource that is owned or controlled by an individual or entity, expected to provide future benefits.

  • Learn the core principles regarding the recognition of revenue and expenses in accounting practices.
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Priya CheemaNov 21, 2024
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