Several timing concepts are discussed in this chapter. A list of concepts is provided below in the left column, with a description of the concept in the right column. Match each concept to the appropriate definition.

1. Calendar year.
2. Time period assumption.
3. Adjusting entries.
4. Interim periods.

a. Monthly and quarterly time periods.
b. Accountants divide the economic life of a business into artificial time periods.
c. Efforts (expenses) should be recognized with results (revenues).
d. An accounting time period that is one year in length.
e. An accounting time period that starts on January 1 and ends on December 31.
f. Entries made at the end of an accounting period to ensure that companies follow the revenue recognition and expense recognition principles.