Advanced Accounting Chapter 21 - Accrual and Deferrals

Front

Expenses incurred in one fiscal period but not paid until a later fiscal period.

Back

accrued expenses

Front

Payments for goods or services which have not yet been received.

Back

deferred expenses

Front

An entry made at the beginning of one fiscal period to reverse an adjusting entry made in the previous fiscal period.

Back

reversing entry

Front

An entry recording revenue before the cash is received, or an expense before the cash is paid.

Back

accrual

Front

Cash received for goods or services which have not yet been provided.

Back

deferred revenue

Front

Interest incurred but not yet paid.

Back

accrued interest expense

Front

An entry recording the receipt of cash before the related revenue is earned, or payment of cash before the related expense is incurred.

Back

deferral

Front

To record revenue that has been received but not yet earned, an entry is made that increases a liability account.

Back

True

Front

An expense that is paid in advance is recorded as an asset until the expense is incurred.

Back

True

Front

The reversing entry for accrued interest expense increases the balance of Interest Payable.

Back

False