Question

The term deferral as used in accounting means?

Answer 1

Answer:

A deferral refers to money paid or received before a product or service has been provided.

Answer 2

Answer:

A deferral, in accrual accounting, is any account where the income or expense is not recognised until a future date

Deferrals are the consequence of the revenue recognition principle which dictates that revenues be recognized in the period in which they occur

Explanation:

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