Accounting 200 Chapter 3

Front 1

Deferred Revenue

Back 1

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.

Front 2

Accrued Revenue

Back 2

Expenses that have been incurred at the end of an accounting period but have not been recorded in the accounts; sometimes called accured assets.

Front 3

Deferred Expense

Back 3

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.

Front 4

Prepaid expenses

Back 4

Deferred Expense

Front 5

Accured Assets

Back 5

Accured Revenue

Front 6

Unearned revunes

Back 6

Deferred Revenues

Front 7

Accounts Payable

Back 7

Liabilities for amounts incurred from purchases of products or services in the normal operations of a business

Front 8

Accounts Receivable

Back 8

An asset for amounts due from customers in the normal operations of a business.

Front 9

Accurals

Back 9

Revenues or expenses that have not been recorded.

Front 10

Accumulated Depreciation

Back 10

An offsetting or contra asset account used to record depreciation on a fexed asset.

Front 11

Current Liabilities

Back 11

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.

Front 12

Depreciation

Back 12

The reduction in the ability of a fixed asset to provide service.

Front 13

Fixed Assets

Back 13

Physical assets of a long term nature; sometimes called plant assets.

Front 14

Intangible assets

Back 14

Assets that are rights of a long-term nature.

Front 15

Long-term Liabilities

Back 15

Liabilities that will not be due for a long time (usually more than a year.)

Front 16

Notes receivable

Back 16

Written claims against debtors who promise to pay the amount of the note plus interest at the agreed-upon rate.

Front 17

Prepaid expenses

Back 17

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.