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ACC-Chapter 3

QuestionAnswer
Accrual-Basis Accounting Accounting basis in which companies record transactions that change a company’s financial statements in the period in which the events occur
Accruals Adjusting entries for either accrued revenues or accrued expenses
Accrued Expenses Expenses incurred but not yet paid in cash or recorded
Accrued Revenues Revenues earned but not yet received in cash or recorded
Adjusted Trial Balance A list of accounts and their balances after the company has made all adjustments
Adjusting Entries Entries made at the end of an accounting period to ensure that companies follow the revenue recognition and matching principles
Book Value The difference between the cost of a depreciable asset and its related accumulated depreciation
Calendar Year An accounting period that extends from January 1 to December 31
Cash-Basis Accounting Accounting basis in which companies record revenue when they receive cash and an expense when they pay cash
Contra Asset Account An account offset against an asset account on the balance sheet
Deferrals Adjusting entries for either prepaid expenses or unearned revenues
Depreciation The allocation of the cost of an asset to expense over its useful life in a rational and systematic manner
Fiscal Year An accounting period that is one year in length
Interim Periods Monthly or quarterly accounting time periods
Matching Principle The principle that companies match efforts (expenses) with accomplishments (revenues)
Prepaid Expenses Expenses paid in cash that benefit more than one accounting period and that are recorded as assets
Revenue Recognition Principle The principle that companies recognize revenue in the accounting period in which it is earned
Time Period Assumption An assumption that accountants can divide the economic life a business into artificial time periods
Unearned Revenues Cash received and recorded as liabilities before revenue is earned
Useful Life The length of service of a productive facility
Created by: JJACCOUNTING
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