Matching Pairs Accounting TermsOnline version Can you match the Accounting Term to the Definition? by Connected Business English 1 Pre-Payment 2 Loss 3 Liability 4 Profit 5 Balance Sheet 6 Accrual The process of recording income or expenses when they occur The settlement of a debt or installment loan in advance of its official due date. Something a person or company owes, usually a sum of money Where costs exceed income A summary of the financial balances of an individual or organisation An income distributed to the owner in a profitable market production process