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Chapter 4

Financial accounting

TermDefinition
Deferred Revenues Previously recorded liabilities that were created when cash was received in advance of revenue actually earned during the period
Accrued Revenue Revenues that are earned but not recorded because cash will be received after the services were performed or goods were delivered.
Deferred Expenses Previously recorded assets, such as Prepaid Rent, Supplies, and Equipment, that were created when cash was paid in advance and that must be reduced for the amount of expense actually incurred during the period through use of the asset.
Accrued Expenses Expenses that are incurred but were not recorded because cash will be paid after the goods or services were used.
Created by: tapesh123
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