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ACCT 2401 T1 Ch3

Information from Chapter 3 on Test 1 Review Sheet

QuestionAnswer
accrual accounting vs. cash based accounting recognize business event when it occurs vs. recognize event when cash received/paid
deferred expense prepaid expenses are payments in advance for items to be used later (rent, insurance)
deferred revenues unearned revenues are rev received in advance, will be earned later Ex: On Dec. 20, receive $200 for work that will be done on Jan. 10 (deposit on photo selling) or Ex: Rent received in advance for 1 period, but not really earned until the next period
accrued expenses accrued liability. accrued expenses are expenses that are incurred in one period, paid in another Ex: Worker who helped. you owe $100; will pay 1/5
accrued revenues accrued asset/accrued revenue is revenue that has been earned, but not received Ex: AR Christmas shoot for church pageant (Dec. 22). Cost the customer $300, they will pay on 1/18.
depreciation Depreciation is the allocation of cost of the asset over the asset life (more later in chapter 9) Book value of asset is = cost – accumulated depreciation (all depreciation to date)
effects of not recording AJEs If adjustments are omitted then the revenues and/or expenses will not be correctly recorded. Therefore Net income will either be over or under stated, which means all the financial statements would be incorrect.
Created by: chellejenkins
 

 



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