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Acct ch 3

TermDefinition
Under accrual accounting revenue is recorded When it is earned, regardless of when it is paid
Which of the following transactions would be recorded under accrual accounting but NOT under cash basis ​accounting? borrowing money from the bank collecting cash from customers purchasing of inventory on account issuing stock for cash Purchasing of inventory on account
An expense occurred in​ 2022, but it is not paid until 2023. Using accrual​ accounting, the expense should appear​ on the 2022 income statement
Under accrual basis ​accounting, if a company fails to record a sale on​ account Revenue and assets will be understated
Prepaid expenses become _ when their future benefits expire Expenses
_ is the allocation of the cost of an asset over the​ asset's useful life Depreciation
_ will be increased when a company receives cash before performing the services Unearned service revenue
The book value of an asset is​ the cost of the asset minus the accumulated depreciation
What kind of account is accumulated depreciation Contra-asset
What happens if an accountant doesn't record the adjusting entry for accrued revenues The assets will be understated in the balance sheet
The adjustment for an accrued​ expense increases expenses and liabilities
Which financial statements are affected if adjusting entries aren't prepared? income​ statement, balance sheet and statement of retained earnings
What do closing entries do prepare the accounts for the next​ period's transactions
Permanent/real accounts Assets Liabilities Common stock Retained earnings
Temporary/nominal accounts Dividends Revenues Expenses
Accounts in order of​ liquidity Cash, Accounts​ Receivable, Inventory, Furniture
Created by: 1763
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