Accounting Terminology Listed Below Are Nine Technical Accounting Terms Emphasized in This

question 2

Essay

Accounting terminology
Listed below are nine technical accounting terms emphasized in this chapter: 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:

Bad Debt Expense

The cost associated with accounts receivable that a company does not expect to collect because customers default on payments.

Operating Expense

Costs necessary for maintaining the day-to-day operations of a business, excluding costs associated with the production of goods or services.

Net Price Method

A pricing strategy that applies discounts and allowances to the gross price to determine the final sale price.

Cash Discounts

Cash discounts are reductions in the price of goods or services offered to buyers as an incentive for early payment.