Test1 Study Guide.2 - accrued expenses accrual accounting accounting cycle accrued revenue closing entries adjusting entry deferred expenses accrued

Test1 Study Guide.2 - accrued expenses accrual accounting...

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accrued expensesExpenses recognized prior to the payment of cash.accrual accountingA form of accounting in which revenues are recognized when they are earned and expenses are recognized when they are incurred.accounting cycleThe process of recording, summarizing, and reporting accounting information.accrued revenueRevenue recognized prior to the receipt of cash.closing entriesTransactions that reset the balances of each revenue and expense account to zero and transfer these balances to Retained Earnings.adjusting entryA transaction recorded in the accounting system to ensure the correct account balances are reported for a particular fiscal period.

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