Match the Accounting Terms with the Description by Entering the Proper

question 77

Essay

Match the accounting terms with the description by entering the proper letter in the space provided.
A. Account form balance sheet
B. Adjusting entries or adjustments
C. Book value
D. Contra account
E. Contra asset account
F. Depreciation
G. Prepaid expenses
H. Report form balance sheet
I. Salvage value
J. Straight-line depreciation
K. Worksheet
1. Allocation of an asset's cost in equal amounts to each accounting period of the asset's useful life
2. Journal entries made to update accounts for items that were used or expired during the accounting period
________ 3. An estimate of the amount that could be received by selling or disposing of an asset at the end of its useful life
________ 4. A balance sheet that lists assets on the left and liabilities and owner's equity on the right
5. An account with a normal balance that is opposite that of a related account
________ 6. A form used to gather all data needed at the end of an accounting period to prepare financial statements
________ 7. That portion of an asset's original cost that has not yet been depreciated
________ 8. Expense items acquired, recorded, and paid for in advance of their use
________ 9. An asset account with a credit balance, which is contrary to the normal balance of an asset account
10. A balance sheet that lists the asset accounts first, followed by liabilities and owner's equity
________ 11. Allocation of the cost of a long-term asset to operations during its expected useful life

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Definitions:

Monthly Mortgage

The scheduled monthly payment towards the principal and interest of a mortgage loan.

Sublet

The act of leasing an apartment or house from a tenant rather than directly from the landlord or property owner.

Mortgage

A loan taken out by people to purchase a house.

Co-op

A cooperative, which is an organization owned and operated by its members who share the benefits.