Chapter 12 Accruals, Deferrals and the Worksheet

Card Set Information

Author:
jjorge730
ID:
207810
Filename:
Chapter 12 Accruals, Deferrals and the Worksheet
Updated:
2013-03-17 14:58:03
Tags:
accounting
Folders:

Description:
chapter 12 terms
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user jjorge730 on FreezingBlue Flashcards. What would you like to do?


  1. Accrual basis
    A system of accounting by which all revenues and expenses are matched and reported on financial statements for the applicable period, regardless of when the cash related to the transaction is received or paid
  2. Accrued expenses
    Expense items that relate to the current period but have not yet been paid and do not yet appear in the accounting records
  3. Accrued income
    income that has been earned but not yet received and recorded.
  4. Deferred expenses
    or Prepaid expenses. expenses that are paid for and recorded before they are used, such as rent or insurance.
  5. Deferred Income
    Unearned income or Deferred Income received before it is earned, or deferred incomeSee Unearned income, exists when cash is received before income is earned.
  6. Inventory Sheet
    inventory sheet A form used to list the volume and type of goods a firm has in stock
  7. net income line
    Net income line (p. 388) The worksheet line immediately following the column totals on which net income (or net loss) is recorded in two places: the income statement section and the balance sheet section
  8. Prepaid Expenses
    pg. 379. expenses that are paid for and recorded before they are used, such as rent or insurance
  9. Property, plant, and equipment
    pg. 376. Long term assets that are used in the operation of business and that are subject to depreciation (except for land, which is not depreciated).
  10. Unearned income
    (p. 381) Income received before it is earned
  11. Updated account balances
    (P. 386) The amounts entered in the Adjusted Trial Balance section of the worksheet.

What would you like to do?

Home > Flashcards > Print Preview