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Adjusting Entries: Accrued Expenses definitions

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  • Accrued Expenses
    Liabilities for costs incurred and benefits received in a period that remain unpaid at the period's end.
  • Liability
    Obligation to pay for benefits already received, recorded on the balance sheet until settled.
  • Matching Principle
    Accounting rule requiring expenses to be recognized in the same period as the revenues they help generate.
  • Period Ending Date
    Specific date marking the close of an accounting period, triggering the need for adjusting entries.
  • Wage Expense
    Cost recognized for employee services rendered during a period, regardless of payment timing.
  • Accrued Wage Expense
    Liability account representing wages earned by employees but not yet paid at the end of a period.
  • Debit
    Accounting entry increasing assets or expenses, or decreasing liabilities or equity.
  • Credit
    Accounting entry increasing liabilities or equity, or decreasing assets or expenses.
  • Adjusting Entry
    Journal entry made at period end to update accounts for revenues earned or expenses incurred but not yet recorded.
  • Deferral
    Accounting adjustment delaying recognition of revenue or expense to a future period.
  • Accrual
    Accounting method recognizing revenues and expenses when earned or incurred, not when cash is exchanged.
  • Prepaid Expense
    Asset account for payments made in advance for goods or services to be received in future periods.
  • Cash
    Asset representing currency or funds available for immediate use in transactions.
  • Expense
    Outflow of resources or incurrence of obligations resulting from business operations within a period.
  • Revenue
    Income earned from providing goods or services during a specific accounting period.