Accounting Chapter 2
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An expense or a revenue that occurs before the business pays or receives cash. Opposite of a deferral.
Accounting that records the impact of a business event as it occurs, regardless of whether the transaction affected cash.
An expense incurred but not yet paid in cash.
A revenue that has been earned but not yet received in cash.
The cumulative sum of all depreciation expense from the date of acquiring a plant asset.
An adjustment for which the business paid or received cash in advance. Ex: Prepaid rent, prepaid insurance, and supplies.
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