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