Accounting Terminology
Listed Below Are Nine Technical Accounting Terms Emphasized

question 31

Essay

Accounting terminology
Listed below are nine technical accounting terms emphasized in this chapter:
$$\begin{array} { | l | l | l | } \hline \text { Adjusting entries } & \text { Unearned revenue } & \text { Accrued expense } \\\hline \text { Accumulated depreciation } & \text { Accrued revenue } & \text { Prepaid expense } \\\hline \text { Materiality } & \text { Contra-asset } & \text { Book value } \\\hline\end{array}$$
Each of the following statements may (or may not) describe one of these technical terms. In the space provided below each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms.
____ (a.) An account with a credit balance that is an offset against an asset account.
____ (b.) A contra-account.
____ (c.) A liability to customers who have paid in advance.
____ (d.) The estimated current value of an asset.
____ (e.) Entries made to achieve the goals of accrual accounting when revenue or expense transactions span more than one accounting period.
____ (f.) An asset that will expire shortly.
____ (g.) Revenue that has been earned, but not yet received.

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Definitions:

Parent-child Relationship

The dynamic and interpersonal connection between a parent and their child, characterized by varying degrees of love, conflict, care, and communication.

Adolescence

The transitional stage of physical and psychological development that generally occurs during the period from puberty to legal adulthood.

Piaget

A Swiss psychologist known for his pioneering work in child development, particularly his theory of cognitive development that describes how children think, learn, and grow intellectually.

Active Role in Learning

The process of engaging directly and enthusiastically in educational activities, taking initiative in one’s own educational experience.