Identify the word or term being described in the sentences by matching the words or terms labeled A to J. Write your answer on separate sheet of paper. A. Accruals Accrued Acquisition Cost Allowance Method Depreciation expense expenses Depreciable Cost F. Deferrals H. Direct L. Bad debts Monthly Depreciation Method expense 1. This classification of adjusting entry has accrued revenues and accrued expenses. 2. It is the difference between the acquisition cost and the salvage value. 3. These are expenses that have been incurred but not yet paid. 4. This method of recording uncollectible accounts records bad debts expense only when a specific accounts receivable is ascertained to be worthless. 5. It refers to the purchase price of the asset. 6. There are unearned revenues and prepaid expenses in this classification of adjusting entry. 7. This method of recording uncollectible accounts records bad debts expense even the uncollectible is only estimated. 8. It refers to the estimated expense from a portion of accounts receivable. 9. This amount is computed by dividing the annual depreciation by 12 months. 10. It refers to the estimated expense allocated to the tangible asset (except land).

Identify the word or term being described in the sentences by matching the words or terms labeled A to J. Write your answer on separate sheet of paper. A. Accruals Accrued Acquisition Cost Allowance Method Depreciation expense expenses Depreciable Cost F. Deferrals H. Direct L. Bad debts Monthly Depreciation Method expense 1. This classification of adjusting entry has accrued revenues and accrued expenses. 2. It is the difference between the acquisition cost and the salvage value. 3. These are expenses that have been incurred but not yet paid. 4. This method of recording uncollectible accounts records bad debts expense only when a specific accounts receivable is ascertained to be worthless. 5. It refers to the purchase price of the asset. 6. There are unearned revenues and prepaid expenses in this classification of adjusting entry. 7. This method of recording uncollectible accounts records bad debts expense even the uncollectible is only estimated. 8. It refers to the estimated expense from a portion of accounts receivable. 9. This amount is computed by dividing the annual depreciation by 12 months. 10. It refers to the estimated expense allocated to the tangible asset (except land).

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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