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17 Cards in this Set

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Deferred Revenue
Items that are initially recorded as liabilities but are expected to become revenues over time or through the normal operations of the business; sometimes called unearned revenues.
Accrued Revenue
Expenses that have been incurred at the end of an accounting period but have not been recorded in the accounts; sometimes called accured assets.
Deferred Expense
Items that are initially recorded as assets but are expected to become expenses over time or through the normal operations of the business; sometimes called prepaid expenses.
Prepaid expenses
Deferred Expense
Accured Assets
Accured Revenue
Unearned revunes
Deferred Revenues
Accounts Payable
Liabilities for amounts incurred from purchases of products or services in the normal operations of a business
Accounts Receivable
An asset for amounts due from customers in the normal operations of a business.
Accurals
Revenues or expenses that have not been recorded.
Accumulated Depreciation
An offsetting or contra asset account used to record depreciation on a fexed asset.
Current Liabilities
Liabilities that are going to be due within a short period of time (usually a year or less) and that are to be paid out of current assets.
Depreciation
The reduction in the ability of a fixed asset to provide service.
Fixed Assets
Physical assets of a long term nature; sometimes called plant assets.
Intangible assets
Assets that are rights of a long-term nature.
Long-term Liabilities
Liabilities that will not be due for a long time (usually more than a year.)
Notes receivable
Written claims against debtors who promise to pay the amount of the note plus interest at the agreed-upon rate.
Prepaid expenses
Items that are initially recorded as assets but are expected to become expenses over time or through the normal operations of the business; often called deferred expenses.