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Chapter 21
Accounting for Accrued Revenue and Expenses
6
Accounting
12th Grade
01/10/2013

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Cards

Term
Accrued revenue
Definition
revenue earned in one fiscal period but not received until a later fiscal period
Term
Intellectual property
Definition
any product that is protected by patents, trademarks, and copyrights
Term
Accrued interest income
Definition
interest earned but not yet received
Term
Reversing entry
Definition
an entry made at the beginning of one fiscal period to reverse an adjusting entry made in the previous fiscal period
Term
Accrued expenses
Definition
expenses incurred in one fiscal period but not paid until a later fiscal period
Term
Accrued interest expense
Definition
interest incurred but not yet paid
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