(1) Depreciation- A systematic and rational allocation scheme to spread a portion of the total cost of a productive asset to each period of use.

(2) Calendar Year: An annual reporting period that runs from January 1 through December 31.

(3) Revenue Recognition: The basic conditions require that an exchange has occurred and the earnings process is complete.

(4) Prepaids: An asset reflecting advance payment for something that will be consumed over the future.

(5) Unearned Revenue: Monies collected from customers for services that have not yet been provided.

(6) Accruals: An entry usually prepared coincident with the end of an accounting period to update the accounting for prepaids, accruals, and other allocations.

(7) Periodicity Assumption: The notion that a continuous business process can be divided into time intervals such as years, quarters, or months for reporting purposes.

Find an example of all of these terms being used in a popular news article and describe how the term is being used. Make sure to include the article link for each of the following terms and also have quotes from that article that demonstrate your term. Also, explain how that term is being used in that quote and the article.

 

Complete the following Terminology assignment given above:

Here is the reference link: https://www.cnbc.com/business/