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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