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Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition by Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt

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SOLUTION TO EXERCISE 3-9

1. Accrual-basis accounting 11. Accruals
2. Cash-basis of accounting 12. Deferrals
3. Time period assumption 13. Adjusted trial balance
4. Revenue recognition principle 14. Book value
5. Expense recognition principle (matching principle) 15. Calendar year
6. Accrued expenses 16. Contra asset account
7. Accrued revenues 17. Useful life
8. Prepaid expenses 18. Depreciation
9. Unearned revenues 19. Fiscal year
10. Adjusting entries 20. Interim periods

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