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:

Conditioning

A learning process in which an individual's behavior becomes associated with a particular stimulus or response.

Masked Behaviour

Actions or expressions that are deliberately designed to conceal one's true feelings, intentions, or identity.

Modelling

In social science, it refers to the process of learning and adopting behaviors by observing and imitating others.

Frequency Marketing

A promotional strategy that focuses on rewarding customers based on the frequency of their purchases.