Question

Listed as follows are nine technical accounting terms.

Answer 1

Answer:

a. Book value

b. Materiality

c. Matching principle

d. Unrecorded revenue

e. Adjusting entries

f. Unearned revenue

g. Prepaid expenses

h. Accumulated depreciation

Explanation:

The assets are recorded at cost and then depreciated over their useful lives . The net balance of an asset being the cost less its accumulated depreciation is its Net Book Value.

Materiality is the concept whereby any accounting principle can be departed from if it is of a small amount

All expenses incurred during a period to earn revenues is known as matching principle.

Any revenue earned but not recorded or billed is known as unrecorded revenue.

Adjusting entries are recorded at period end to record revenues and expenses under accrual method.

Advances received for services to be provided after the period end is recorded as  unearned revenue.

Amounts paid in advance for services/  benefits to be received in the future are known as prepaid expenses

Assets cost are allocated over its estimated useful life is known as accumulated depreciation.