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A1C21
Accounting 1 Chapter 21
Term | Definition |
---|---|
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 |
accrued interest income | interest earned but not yet received |
accrued revenue | revenue earned in one fiscal period but not received until a later fiscal period |
intellectual property | any product that is protected by patents, trademarks, and copyrights |
reversing entry | an entry made at the beginning of one fiscal period to reverse an adjusting entry made in the previous fiscal period |