Deferrals are recorded transactions that delay the recognition of an expense or revenue.

Name: Deferrals are recorded transactions that delay the recognition of an expense or revenue.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Deferrals are transactions that defer or delay the recognition of an expense or revenue, meaning that they are recorded but not immediately recognized in the financial statements. Examples of deferrals include prepaid expenses and unearned revenues.

Deferrals Are Recorded Transactions That Delay the Recognition of an Expense