Accounting terminology (Learning Objectives 2 & 3) 5–10 min.

Match the accounting term with the corresponding definition.

____ 1. Accumulated depreciation ____ 2. Adjusted trial balance ____ 3. Adjusting entry ____ 4. Book value ____ 5. Contra-account ____ 6. Depreciation ____ 7. Long-term asset

a. An account whose normal balance is opposite that of its companion account.

b. Entry made to assign revenues to the period in which they are earned and expenses to the period incurred.

c. A list of accounts with their adjusted balances.

d. The cumulative sum of all depreciation recorded for an asset.

e. The allocation of a long-term asset’s cost to expense over its useful life.

f. The asset’s cost less its accumulated depreciation.

g. Long-lived asset used to operate the business.

AppendixLO1