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Types of Financial Statements ....

Deferred Revenue and Accrued Expenses
Deferred revenue:- also known as unearned revenue, refers to advance payments a company receives for products or services that are to be delivered or performed in the future. The company that receives the prepayment records the amount as unearned revenue on its balance sheet as a liability.

Accrued expenses:- are expenses that have occurred but are not yet recorded in the company's general ledger. This means these expenses will not appear on the financial statements unless an adjusting entry is entered prior to issuing the financial statements.

Golden Rules of Accounting