Ch2. prt 2/2

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Deferrals

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7 Terms

1

Deferrals

are expenses or revenues that are recognized at a date later than the point when cash was originally exchanged (To defer means to postpone or delay.)

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2

Useful life

an accounting estimate of the number of years it is likely to remain in service for the purpose of cost-effective revenue generation

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3

real account

account that does not close at the end of the accounting year

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4

Nominal Account

temporary account formed and maintained by a business. It includes all necessary records of the business's expenses, losses, gains and revenues for a particular financial period

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5

Event

A happening of consequence. An event generally is the source or cause of changes in assets, liabilities, and equity. may be external or internal.

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6

Account

A systematic arrangement that shows the effect of transactions and other events on a specific element (asset, liability, and so on)

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7

T-account

format of an account often resembles the letter T, with debit on left and credit on right

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