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Accounting ch.3 voca

TermDefinition
accrual revenue has been earned or an expense has been incurred but has not been recorded
accrual basis of accounting revenues are reported on the income statement in the period in which a service has been performed or product has been delivered
accumulated depreciation contra asset account credited when recording the depreciation of a fixed asset
adjusted trial balance trial balance prepared after all adjusting entries have been posted
adjusting entries journal entries that bring the accounts up to date at the end of the accounting period
adjusting process analysis & updating of accounts at the end of the period before financial statements are prepared
book value of the asset cost of the asset - accumulated depreciation of the asset
cash basis of accounting revenues & expenses are reported on the income statement in the period in which cash is received/paid
contra accounts accumulated depreciation accounts
deferral cash related to a future revenue/expense has been initially recorded as a liability/asset
depreciation decrease in usefulness
expense recognition principle expenses incurred in generating revenue must be reported in the same period as the related revenue
fixed assets physical resources that are owned and used by a business that have a long life
prepaid expense if cash paid is related to a future expense it is initially recorded as an asset
revenue recognition principle revenues are recorded when earned
unearned revenue cash received is related to future revenue
vertical analysis comparing each item with a total amount on a financial statement
Created by: hellocookies
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