The Difference Between Accrual-Based Revenue and Accrual-Based Expenses Is Called

question 183

Short Answer

The difference between accrual-based revenue and accrual-based expenses is called _________________________.

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Definitions:

Outstanding Checks

Checks that have been written and recorded in the checkbook but have not yet been cleared or deducted from the bank account.

Automatic Transfer

A prearranged scheme for moving funds from one account to another electronically on a set schedule.

Bank Statement Balance

The total amount of funds in a bank account at the end of a given statement period as recorded by the bank.

Bank Service Charge

Fees charged by banks for maintaining accounts and processing transactions for their customers.