Term
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Definition
| assumes that the economic life of a business is divided into periods oftime |
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Term
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Definition
| it means that companies record events when they occur before it is handled with cash |
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Term
| types of adjusting entries |
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Definition
| prepaid expenses, accrued expenses, accrued revenue, unearned revenue |
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Term
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Definition
| when we already paid for expenses we haven't incurred yet |
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Term
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Definition
| when we incurred with expenses that we haven't paid yet |
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Term
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Definition
| when we are paid for revenue that we haven't give our services yet |
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Term
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Definition
| when we are accumulating revenue but we haven't get paid for it yet |
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