Listed as follows are nine technical accounting terms.

Unrecorded revenue Adjusting entries Accrued expenses
Book value Matching principle Accumulated depreciation
Unearned revenue Materiality Prepaid expenses

Each of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms.

a. The net amount at which an asset is carried in the accounting records as distinguished from its market value.
b. An accounting concept that may justify departure from other accounting principles for purposes of convenience and economy.
c. The offsetting of revenue with expenses incurred in generating that revenue.
d. Revenue earned during the current accounting period but not yet recorded or billed, which requires an adjusting entry at the end of the period.
e. Entries made at the end of the period to achieve the goals of accrual accounting by recording revenue when it is earned and by recording expenses when the related goods and services are used.
f. A type of account credited when customers pay in advance for services to be rendered in the future.
g. A balance sheet category used for reporting advance payments of such items as insurance, rent, and office supplies.
h. An expense representing the systematic allocation of an asset's cost over its useful life.

The assets are recorded at cost and then depreciated over their useful lives . The net balance of an asset being the cost less its accumulated depreciation is its Net Book Value.

Materiality is the concept whereby any accounting principle can be departed from if it is of a small amount

All expenses incurred during a period to earn revenues is known as matching principle.

Any revenue earned but not recorded or billed is known as unrecorded revenue.

Adjusting entries are recorded at period end to record revenues and expenses under accrual method.

Advances received for services to be provided after the period end is recorded as unearned revenue.

Amounts paid in advance for services/ benefits to be received in the future are known as prepaid expenses

Assets cost are allocated over its estimated useful life is known as accumulated depreciation.