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AC102 > Adjusting Entries > Flashcards

Adjusting Entries Flashcards

1
Q

What is an accrual ?

A

Outstanding amounts that the business has not paid yet

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2
Q

What is a prepayment?

A

Costs that have been recorded during the current period but relate to consumption in a future accounting period

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3
Q

What are prepayments classified as in the Balance Sheet?

A

Current Asset

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AC102 (4 decks)

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