Flashcards
QBO Chapter 9 Key terms
Cards in this deck (6)
- 1Accounting cycleit is a series of accounting activities that a business
- 2Trial BalanceAlso referred to as an unadjusted trial balance because it is prepared before adjustments
- 3Correctionsfix mistakes in the accounting system
- 4Accrued revenuesare revenues that have been earned but not yet collected or recorded
- 5Accrued expensesare expenses that are incurred but not yet paid or recorded
- 6Unearned itemsconsist of revenue that we have not earned