Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

تمرين 58

Accounting Terminology
Listed below are nine technical accounting terms used in this chapter:

Each of the following statements may (or may not) describe one of these technical terms.or each statement, indicate the accounting term described, or answer "None" if the statement does not cor­rectly describe any of the terms.
a.he net amount at which an asset is carried in the accounting records as distinguished from its market value.
b.n accounting concept that may justify departure from other accounting principles for pur­poses of convenience and economy.
c.he offsetting of revenue with expenses incurred in generating that revenue.
d.evenue earned during the current accounting period but not yet recorded or billed, which requires an adjusting entry at the end of the period.
e.ntries made at the end of the period to achieve the goals of accrual accounting by recording revenue when it is earned and by recording expenses when the related goods and services are used.
f. type of account credited when customers pay in advance for services to be rendered in the future.
g. balance sheet category used for reporting advance payments of such items as insurance, rent, and office supplies.
h.n expense representing the systematic allocation of an asset's cost over its useful life.