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Chapter 2 — Symbols and Defined Terms

2.1 Glossary Terms

2.1 Glossary Terms

ASC 606 contains a glossary of terms used in the revenue standard. Several of these glossary terms are also used in other topics of U.S. GAAP (e.g., “public business entity” and “probable”). However, most of them are specific to ASC 606 (e.g., “contract asset” and “contract liability”).