The following is a list of various accounting terms and definitions:
1. Accrual basis of accounting
2. Cash basis of accounting
3. Adjusting journal entries
4. Deferred revenue
5. Accrued revenue
6. Deferred expense
7. Accrued expense
8. Closing process
a. The final step in the accounting cycle whereby all revenue, expense, and dividend account balances are transferred to the Retained Earnings account.
b. Cash is received before revenue is earned.
c. Entries made into the general journal at the end of an accounting period that record previously unrecorded revenues or expenses.
d. Expense is incurred before cash is paid.
e. Revenues are recorded only when cash is received, and expenses are recorded only when cash is paid.
f. Cash is paid before expense is incurred.
g. Revenues are recorded only when they are earned, and expenses are recorded only when they are incurred.
h. Revenue is earned before cash is received.
Required
Match each accounting term with the appropriate definition.