Explain the key term - accounting period concept

Reference no: EM131871515

Question - Explain the key terms in your own words. No limit of words, just it should be long enough that the teacher understands.

Key Terms -

Accounting period concept	Adjusting process	Fixed assets (or plant assets)
Accrual basis of accounting	Book value of asset (or net book value)	Matching concept (pr matching principle)
Accrued expenses	Cash basis of accounting	Prepaid expenses
Accrued revenues	Contra accounts (or contra asset accounts)	Revenue recognition concept
Accumulated Depreciation	Depreciate	Unearned revenues
Adjusted trial balance	Depreciation	Vertical analysis
Adjusting entries	Depreciation expense

Reference no: EM131871515

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