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V'sAccountingterms12

Chapter 12

QuestionAnswer
Accrual Basis A system of accounting by which all revenues and expenses are matched and reported on financial statements for the applicable period, regardless of when the cash related to the transaction is received or paid
Accrued Expenses Expense items that relate to the current period but have not yet been paid and do not yet appear in the accounting records
Accrued Income Income that has been earned but not yet received and recorded
Deferred Expenses Prepaid Expense
Deferred Income Unearned Income
Inventory Sheet A form used to list the volume and type of goods a firm has in stock
Net Income Line The worksheet line immediately following the column totals on which net income (or net loss)is recorded in two places: the Income Statement section and the Balance Sheet section
Prepaid Expenses Expenses that are paid for and recorded before they are used, such as rent or insurance
Property, plant, and equipment Long-term assets that are used in the operation of a business and that are subject to depreciation (except for land, which is not depreciated)
Unearned Income Income received before it is earned
Updated Account Balances The amounts entered in the Adjusted Trial Balance section of the worksheet
Created by: Virajasaur