Details

Title: Chapter 21

Description: Accounting for Accrued Revenue and Expenses

Total Flash Cards: 6

Created: 04/19/2011 10:28:24

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Additional Accounting Flashcards

Cards in this set:

Term
Accrued Revenue
 Definition
revenue earned in one fiscal period but not received until a later fiscal period
Term
Intellectual Property
 Definition
any product that is protected by patents, trademards, and copyrights
Term
Accrued Interest Income
 Definition
interest earned but not yet received
Term
Reversing Entry
 Definition
an entry made at the beginning of one fiscal period to reverse an adjusting entry made in the previous fiscal period
Term
Accrued Expenses
 Definition
expenses incurred in one fiscal period but not paid until a later fiscal period
Term
Accrued Interest Expense
 Definition
interest incurred but not yet paid