Financial Accounting Vocab

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6 Terms

1
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Objective of Financial Accounting

To provide financial info that is useful to capital providers

2
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Object of Adjustments

To accurately state finanancial statement

3
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Matching Principle

Matching expenses with revenues in the same period

4
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Accruals

Cash not paid, expense already incurred or revenue already earned

5
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Deferrals

Cash already paid, expense not yet incurred or revenue not yet earned

6
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