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