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Accounting chapt 21

TermDefinition
Accrued Revenue Revenue earned in one fiscal period but not received until a later fiscal period.
Accrued Interest Income Interest earned but not yet received.
Reversing Entry An entry made at the beginning of one fiscal period to reverse an adjusting entry made in the previous fiscal period.
Accrued expenses Expenses incurred in one fiscal period but not paid until a later fiscal period.
Accrued Interest Expense Interest incurred but not yet paid.
Created by: lbeddow