ACC 240 Chapter 4 Notes

ACC 240 Chapter 4 Notes - Accounting 240 Chapter 4 Notes I...

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Accounting 240 Chapter 4 Notes I. Terms A. Accounting Cycle:      is the process followed by entities to analyze and record transactions,  adjust the records at the end of the period, prepare financial statements, and prepare the  records for the next cycle B. Trial Balance:      is a list of all accounts with their balance to provide a check on the equality  of the debits and credits C. Net Book Value (Book Value, Carrying Value):      of an asset is the difference between its  acquisition cost and accumulated depreciation, its related contra-account D. Adjusting Entries:      are entries necessary at the end of the accounting period to measure all  revenues and expenses of that period E. Deferred Revenues:      are previously recorded liabilities that need to be adjusted at the end  of the accounting period to reflect the amount of revenue earned F. Accrued Revenues:
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This note was uploaded on 04/02/2008 for the course ACC 240 taught by Professor Lewis during the Winter '08 term at Eastern Michigan University.

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ACC 240 Chapter 4 Notes - Accounting 240 Chapter 4 Notes I...

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