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.
Correct Answer:

Verified
Correct Answer:
Verified
Q1: Unearned revenue is:<br>A)An asset.<br>B)Income.<br>C)A liability.<br>D)An expense.
Q3: The accrued interest should be:<br>A)Debited to Notes
Q4: Which of the following is not considered
Q5: On March 1,Hoffman paid in advance for
Q6: Under accrual accounting,fees received in advance from
Q7: In which of the following situations would
Q8: If an asset was purchased on January
Q9: Which of the following statements regarding depreciation
Q10: How much is owed the employees for
Q11: Interest that has accrued during the accounting