Exam 21: Accruals, Deferrals, and Reversing Entries

Select the one term that best fits each definition -An entry made at the beginning of one fiscal period to reverse an adjusting entry made in the previous fiscal period.

Select the one term that best fits each definition -Payments for goods or services which have not yet been received.

Select the one term that best fits each definition -An entry recording the receipt of cash before the related revenue is earned, or payment of cash before the related expense is incurred.