Accounting Chapter 2
Home > Preview
The flashcards below were created by user
on FreezingBlue Flashcards.
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.
Home > Flashcards > Print Preview