Vocab
Recording the receipt of cash before the revenue is earned or payment of cash before the expense is incurred
What is deferral
This set of guidelines are used by companies accounting in France, Germany, Australia or any other country than the USA
What is IFRS
Interest incurred but not yet paid
Accrued interest expense
This faculty member graduated from an Ivy League school!
Who is Curt Turner
We owe
GAAP acronym stand for this
What are the Los Angeles Dodgers
Sales are classified as this TYPE of account
What is revenue
Pitt Grad Mr. Chris Snyder taught this subject at Central before becoming assistant principal
The value of the business
What is equity or owner's equity
Recording revenue before the cash is received or an expense before the cash is paid
Name of a service business that you pay now but receive the service at a later date
Multiple answers: What is a streaming service, car or home insurance
AKA Prepaid Expenses like insurance
Payments for good or services which have not yet been received
Deferred expenses
Principal Comstock went to school in the South and taught this subject
What is math
The meaning of debit and credit
What is left and right
An entry made at the beginning of the fiscal period to reverse one made in the pervious period
What is a reversing entry
Revenue has this as it's normal balance side.
What is credit
Expenses have this normal balance side
What is debit
This current CCHS teacher used to be in the business department but is now in anther department
Who is Mrs. Hippenstiel
The account is reset to a zero balance at the end of the fiscal period
What is temporary account
Expenses incurred this fiscal period but paid in a later period
The accounting equation
What is assets = liabilities + equity
AKA Unearned Revenue
Cash received for good or services which have not yet been provided
Deferred revenue
Who is Mr. Jeffrey Osborne
We owe or are owed money in the FUTURE