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Storyboard Text
Introduction
Hey. Can I ask you some questions?
Sure. Ask Away
Questions
So I've just applied for my new job at the accounting firm across the street, but they want me to do "Accruals" and "Deferrals."
I don't know what they were talking about! I knew you had some experience, mind telling me about them?
Ah, I see. Those terms can be a bit confusing when you start with them. Sure, I can give a few tips.
Accrued Expense/Accrued Revenue
That's great!. So, what are these "Accrued" accounts?
These are represented as Accounts Payable and Accounts Recievable. We have the amounts available, but we haven't paid or recieved cash yet.
Well, think of the "A" in accrued as "Aquired:" We get them before the cash flows.
Prepaid Expense/Unearned Revenue
Okay. But What about those "Deferred" accounts?
Think of the "D" in deferred as "Dollars" We pay them off before getting them.
These are those Prepaid Expenses and Unearned Revenues. They are assets and liabilities, respectively, until they are used or aquired.
Reversing Entries
Interesting. One more thing, I overheard about them doing "reversing entires." are those like closing entries?
Yeah. Pretty Much. Reversers are for when we pay or earn accrued accounts or use deferred accounts. It's then when cash flows.
Conclusion
Ah, OK. Thanks for those tips, that will be very helpful!
Anytime. If you need any more help, you know where to find me.
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