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9 Cards in this Set
- Front
- Back
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Accrual Basis |
A system of accounting by which all revenues and expenses are matched and reported on financial statements for the applicable period, regardless of when the cash related to the transaction is received or paid |
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Accrued expenses |
Expense items that relate to the current period but have not yet been paid and do not yet appear in the accounting records. |
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Accrued income |
Income that has been earned but not yet received and recorded |
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Deferred expenses -or- Prepaid expenses |
Expenses that are paid for an recorded before they are used |
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Deferred income -or- Unearned income |
When cash is received before income is earned (ex. magazine subscriptions that are paid for, but not yet delivered) |
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Inventory sheet |
A form used to list the volume and type of goods a firm has in stock |
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Net income line |
The worksheet line immediately following the column totals on which net income (or net loss) is recorded in two places: the Income Statement section and the Balance Sheet section |
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Property, Plant and Equipment |
Long-term assets that are used in the operation of a business and that are subject to depreciation (except for land, which is not depreciated) |
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Updated account balances |
The amounts entered in the Adjusted Trial Balance section of the worksheet |
