Accounting Terminology
Listed Below Are Nine Technical Accounting Terms Emphasized

question 110

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:

Alcoholism

Alcoholism is a chronic disorder characterized by uncontrolled drinking and preoccupation with alcohol, often resulting in social, occupational, or health issues.

Socioeconomic Status

A measure of an individual's or family's economic and social position relative to others, based on income, education, and occupation.

Demographic Features

Characteristics used to describe and categorize populations, including age, gender, race, income, education, and employment.

Physical Health

The overall condition of an individual's body, including the absence of disease and the fitness level and well-being of the person.