Chapter 3 Vocab and Examples - Accounting
Adjusting and Closing Entries
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Topics of this game:
- Revenue or expenses are recorded when a transaction occurs (follows GAAP)
- Assets paid for in advance of receiving their benefits
- Period of time that an asset is expected to help produce revenues
- Expected market value or selling price of an asset at the end of its useful
- (cost of assets - estimated salvage value) ÷ useful life
- is a contra asset account
- Amount in the contra account reduces the related asset account
- Cash received in advance of providing products and service
- A cost incurred in the current period that is both unpaid and unrecorded
- Important step at the end of an accounting period after financial statement
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