Select the one term that best fits each definition
-An entry recording revenue before the cash is received, or an expense before the cash is paid.
A) accrual
B) accrued interest expense
C) accrued expenses
D) deferral
E) deferred expenses
F) deferred revenue
G) reversing entry

Question

Quizplus · Accepted Answer

Accrual accounting involves recording revenues and expenses when they are earned or incurred, regardless of when the cash is actually received or paid, fitting the definition provided.

Select the One Term That Best Fits Each Definition