7 terms

Accounting - Chapter 21

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Terms in this set (...)

Accrual
An entry recording revenue before the cash is received, or an expense before the cash is paid.
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.
Deferral
An entry recording the receipt of cash before the related revenue is earned, or payment of cash before the related expense is incurred.
Deferred expenses
Payments for goods or services which have not yet been received.
Deferred revenue
Cash received for goods or services which have not yet been provided.
Reversing entry
An entry made at the beginning of one fiscal period to reverse an adjusting entry made in the previous fiscal period.