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Accounting chapter 4
Accounting 203 GMU - chapter 4
Question | Answer |
---|---|
types of adjusting entries | deferrals or accruals |
types of deferrals | 1. prepaid expenses 2. unearned revenues |
types of accruals | 1. accrued revenues 2. accrued expenses |
accumulated depreciation | contra asset account |
book value | the difference between the cost of any depreciable asset and it related accumulated depreciation |
temp account | 1. all revenue accounts 2. all expenses accounts 3. dividends |
permanent accounts | 1. all asset accounts 2. all liability accounts 3. stockholders equity accounts |