Term
Deferred expense
Situation |
|
Definition
| Cash paid before expense is incurred |
|
|
Term
|
Definition
Insurance policy
Supplies
Rent
Buildings, equipment |
|
|
Term
|
Definition
During:
Asset
Cash
End:
Expense
Asset |
|
|
Term
Deferred revenue
Situation |
|
Definition
| Cash received before revenue is earned |
|
|
Term
|
Definition
Deposits, rent
Subscriptions
Gift certificates |
|
|
Term
|
Definition
During:
Cash
Liability
End:
Liability
Revenue |
|
|
Term
Accrued liability
Situation |
|
Definition
| Expense incurred before cash is paid |
|
|
Term
Accrued liability
Examples |
|
Definition
Salaries, wages
Interest
Taxes
Rent |
|
|
Term
|
Definition
During: No entry
End:
Expense
Liability |
|
|
Term
|
Definition
| Revenue earned before cash is received |
|
|
Term
|
Definition
|
|
Term
|
Definition
During: No entry
End:
Asset
Revenue |
|
|
