Accounting Terminology
Listed Below Are Nine Technical Accounting Terms Emphasized

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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(a) Contra-asset (b) Accumulated depreci...

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