accounting 1 horngren harrison bamber
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| ACCRUAL ACCOUNTING | show 🗑
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| ACCRUED EXPENSE | show 🗑
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| show | A revenue that has been earned but not yet collected in cash. (commissons,)
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| show | The cumulative sum of all depreciation expense recorded for an asset.
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| show | A list of all the accounts with their adjusted balances.
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| show | Entry made at the end of the period to assign revenues & expenses to the period they are earned or incurred. Adj. entries help measure the period's income and bring the related asset and liability accounts to correct bal. for the financial statements.
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| BOOK VALUE(of a Plant Asset) | show 🗑
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| CASH-BASIS ACCOUNTING | show 🗑
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| show | An account that always has a companion account and whose normal balance is opposite that of the companion account
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| show | The allocation of a plant asset's cost to expense over it useful like.
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| show | Guide to accounting for expenses. Identify all expenses incurred during the period, measures the expenses, and match them against the revenues earned during that same time period.
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| show | Long-lived tangible assets-such as land, buildings, and equipment-used in the operation of a business
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| PREPAID EXPENSE | show 🗑
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| REVENUE PRINCIPLE | show 🗑
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| show | Ensures that information is reported at regular intervals.
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| UNEARNED REVENUE | show 🗑
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| show | A liabilty created when a business collects cash from customers in advance of doing work. Also called Unearned Revenue.
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| prepaid | show 🗑
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| show | EXPENSE OR REVENUE OCCURS BEFORE CASH
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| Types of adjusting journal entries | show 🗑
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| Adjusting journal entries PREPAID EXPENSE 1) | show 🗑
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| Adjusting journal entries DEPRECIATION(2) | show 🗑
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| adjusting journal entries ACCRUED EXPENSE(liability) (3) | show 🗑
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| show | Accrued Rev.(assets) earn rev. before receive cash and is not recorded in A/R yet.
Contractor build home 12/31 only half way done
Accnts Recv. or Accrued Revenue Debit half$
Service Rev Credit half $
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| show | Received cash before providing service or product
The unearned revenue is a liabilty since it is due to a client or customer.
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