Answer:
Standing
Explanation:
In business, Standing plans refers to list of specific actions related to the operations that is made to ensure to ensure that company's activity run smoothly. Standing plans could tend to be really flexible since it is depended on the new/current situations that is faced by the company.
In the example above,
United Airlines faced a potential disaster for the negative perception that might be created from their employees' action (negative coverage from news or social media)
. They create the standing plan as a form of damage control and to make employees could follow a better solution in case similar situation occurs in the future.
Deferred revenue is payment received for goods or services that a customer expects to receive in the future. The company owes the customer until the service is rendered or the goods are delivered. This temporarily turns the sale into a liability.
Deferred revenue are money received on accrual accounting for goods or services that have not yet been earned. Under the revenue recognition principle, they are recognized as liabilities until delivery, at which point they are converted to revenue.
Deferred tax liability is an item on a company's balance sheet for which unpaid taxes are recognized but not paid until a later date.
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As soon as an agent or a broker accepts an earnest money deposit on behalf of a seller, they become an escrow agent, and the money is placed in an escrow account.
So whenever a licensed real estate firm or an agent holds any earnest money, it must be deposited in a trust or escrow account until the closing. The earnest money deposit is said to be mandatory as the deposit gives buyers the time required to sort out their finances, conduct inspections, and evaluate investment, before a deal is closed.
However, if the buyer does not deposit the earnest money with the escrow agent within a reasonable time after contract execution, the buyer thus would be in default.
Hence, an escrow account is one which you fund each month.
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