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Profit+ Bal Day Adju

TermDefinition
Accural Accounting A system of matching profit whereby revenue earned is matched with expenses incurred, with the difference being profit for the period.
Accured Expenses Expenses that have been incurred during a period but not yet paid. That is, they remain as liabilities on balance day.
Adjusted Trial Balance A trial balance prepared after the recording of balance day adjustments has been completed.
Adjusting Entries Entries made in the general journal to adjust revenue and expense accounts.
Balance day adjustments Adjustments made to revenue and expense accounts at the end of a period so that they equal revenue earned and expenses incurred.
Closing Entry A general journal entry used to close off a revenue or expense account.
Prepaid expenses Expenses paid during a period but not yet used. That is, they are paid in advance at the time of payment and are recorded as assets until they are used up by the business, at which time they become an expense.
Created by: Giant Kahuna