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14 Cards in this Set
- Front
- Back
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Accounting concept that assumes that the economic life of a business can be divided into time periods
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Accounting Period Concept
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The conta asset account credited when recording the depreciation of a fixed asset
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Accumulated Depreciation
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The basis of accounting in which revenues are reported in the income statement in the period in which they are earned
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Accrual Basis of Accounting
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Accounting concept that supports reporting revenues when the services are provided to customers
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Revenue Recognition Concept
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Accounting concept that supports reporting revenues and the related expenses in the same period
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Matching Concept
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Portion of the cost of the fixed asset that is recorder as an expense each year of its useful life
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Depreciation Expense
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Revenues that have been earned but not recorded in the accounts
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Accrued Revenue
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Journal entries that bring the accounts up to date at the end of the accounting period
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Adjusting Entries
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Items that have been initially recorded as assets but are expected to become expenses over time or through the normal operations of the business
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Prepaid of Deferred Expenses
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The difference between the cost of a fixed asset and its accumulated depreciation
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Book Value
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Expenses that have been incurred but not recorded in the accounts
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Accrued Expenses
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Items that have been initially recorded as liabilities but are expected to become revenues over time or through the normal operations of a business
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Unearned of Deferred Revenue
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Physical resources that are owned and used by a business and are permanent or have a long life
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Fixed Assets or Plant Assets
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Decrease in the ability of a fixed asset to provide useful services
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Depreciation
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