deferrals and accruals

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Last updated 7:01 AM on 10/6/26
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4 Terms

1
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prepaid expense (asset)

cash paid before expenses are used

2
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unearned revenue (liability)

cash received in advance before you complete a service

3
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accrued revenue (asset)

service completed / revenue earned before cash is collected

4
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accrued expense (liability)

expense is used before cash is paid