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A prototyping toolkit includes separate software systems, such as electronic spreadsheets or database management systems, each capable of producing a portion of the desired system features.
Accrual Method
An accounting technique that records revenues and expenses when they are incurred, regardless of when cash transactions occur.
Reversing Entries
An accounting method used to reverse journal entries, typically at the beginning of a new accounting period, to cancel adjustments made in the previous period.
Revenue Accounts
Accounts that track the income generated by a company from its normal business operations or other activities.
Closing Entries
Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts.
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