all-in-one spreadsheet showing the transition of account information from the trial balance through the financial statements
accounting period
breaks down company financial information into specific time spans and can cover a month, quarter, half-year, or full year
accrual
type of adjusting entry that accumulates during a period, where an amount was previously unrecorded
accrued expense
expense incurred in a period but not yet recorded, and no money has been paid
accrued revenue
revenue earned in a period but not yet recorded, and no money has been collected
adjusted trial balance
list of all accounts in the general ledger, including adjusting entries, which have nonzero balances
adjusting entries
update accounting records at the end of a period for any transactions that have not yet been recorded
book value
difference between the asset’s value (cost) and accumulated depreciation; also, value at which assets or liabilities are recorded in a company’s financial statements
calendar year
reports financial data from January 1 to December 31 of a specific year
contra account
account paired with another account type that has an opposite normal balance to the paired account; reduces or increases the balance in the paired account at the end of a period
deferral
prepaid expense and revenue accounts that have delayed recognition until they have been used or earned
fiscal year
twelve-month reporting cycle that can begin in any month, and records financial data for that twelve-month consecutive period
interim period
any reporting period shorter than a full year (fiscal or calendar)
modified accrual accounting
commonly used in governmental accounting and combines accrual basis and cash basis accounting
tax basis accounting
establishes the tax effects of transactions in determining the tax liability of an organization