Adjustments in Accounting
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These flashcards cover the types of adjustments necessary for transactions over multiple periods in accounting.
Last updated 9:47 PM on 2/7/26
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6 Terms
1
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Deferral of Expense
An adjustment for an expense that has been paid but not yet incurred.
2
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Deferral of Revenue
An adjustment for revenue that has been received but not yet earned.
3
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Accrued Expense
An adjustment for an expense that has been incurred but not yet paid.
4
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Accrued Revenue
An adjustment for revenue that has been earned but not yet received.
5
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Adjusting Entry
A journal entry made to update the balances in accounts at the end of a period.
6
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Three Step Process for Adjustments
- Determine current account balance. 2. Determine what it should equal. 3. Record an adjusting entry.
Note 
Flashcards (64)