Reference no: EM132462135

Question 1: A plant asset's cost less its accumulated depreciation.

Question 2: A period that begins on January 1 and ends on December 31.

Question 3: Contra asset account.

Question 4: An asset that will be assigned to expense at a later date.

Question 5: A time period into which an entity's life is arbitrarily divided for financial reporting purposes.

Question 6: Made at the end of an accounting period to reflect economic activity that has taken place but has not yet been recorded.

Question 7: Recognizes revenues when cash is received and recognizes expenses when cash is paid out.

Question 8: An asset that exists at the end of an accounting period but has not yet been recorded.

Question 9: The expense resulting from a plant equipment's expiration of usefulness.

Question 10: The estimated number of time periods that a company expects to make use of a plant asset.

Question 11: A period of any twelve consecutive months used as an accounting period.

Question 12: Cash received in advance for goods and services to be delivered at a later date.

1. Accounting period
2. Accrued asset
3. Accrual basis of accounting
4. Accumulated depreciation
5. Adjusting entries
6. Book value
7. Calendar year
8. Cash basis of accounting
9. Depreciation
10. Earned revenue
11. Fiscal year
12. Prepaid expense
13. Estimated salvage value
14. Unearned revenue
15. Estimated useful life