Deferred income

SUBMITTED BY: L319A

DATE: Sept. 27, 2016, 7:59 p.m.

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  1. Deferred income ‐‐ a liability that arises when a company is paid in advance for goods or
  2. services that will be provided later. For example, when a magazine subscription is paid in
  3. advance, the magazine publisher is liable to provide magazines for the life of the
  4. subscription. The amount in deferred income is reduced as the magazines are delivered.
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