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Chapter 3 Vocab and Examples - Accounting

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Adjusting and Closing Entries

Created Date 02.16.21
Last Updated 02.17.21
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  • 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