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Prin. Acct. Ch. 3

Terms and Definitions

QuestionAnswer
Accrual-Basis Accounting Accounting basis in which companies record transactions that change a company's financial statements in the periods in which the events occur.
Accruals Adjusting entries for either accrued revenues or accrued expenses.
Accrued Expenses Expenses incurred but not yet paid in cash or recorded.
Accrued Revenues Revenues earned but not yet received in cash or recorded.
Adjusted Trial Balance A list of accounts and their balances after the company has made all adjustments
Book Value The difference between the cost of a depreciable asset and its related accumulated depreciation.
Calender Year An accounting period that extends from January 1 to December 31.
Cash-Basis Accounting Accounting basis in which companies record revenue when they receive cash and an expense when they pay cash.
Contra Asset Account An account off set against an asset account on the balance sheet.
Deferrals Adjusting entries for either prepaid expenses or unearned revenues.
Depreciation The allocation of the cost of an asset to expense over its useful life in a rational and systematic manner.
Fiscal Year An accounting period that is one year in length.
Interim Periods Monthly or quarterly accounting time periods.
Matching Principle The principle that companies match efforts (expenses) with accomplishments (revenues).
Prepaid Expense Expenses paid in cash that benefit more than one accounting period and that are recorded as assets.
Revenue Recognition Principle The principle that companies recognize revenue in the accounting period in which it is earned.
Time Period Assumption An assumption that accountants can divide the economic life of a business into artificial time periods.
Unearned Revenues Cash received and recorded as liabilities before revenue is earned.
Useful Life The length of service of a productive facility.
Popular Accounting sets

 

 



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