Provide the term that best describes the statement in Column A. In your answer book just write the letter from column A with the correct term from Column B. Column A Column B A. Resources controlled by the entity for less than one year as a result of a past event from which future economic benefits are expected to likely to flow into the entity. Allowances for credit losses adjustment B. The account credited when recording the depreciation adjustment. Accrual concept C. The supporting document used for the depreciation entry. Income received in advance D. The difference between the original cost and the accumulated depreciation of the asset. Accrued income E. When the selling price is less than the carrying value. Consumable stores on hand F. The concept where all expenses is assigned to the financial period in which they were incurred. Carrying value G. The account to be debited when recording the creation of allowance for credit losses. Accumulated depreciation H. An income that is received in this financial year but only provides the goods or services in the next financial year. Asset register I. An income earned but not yet received. Current asset J. Consumable stores that have not been used up by the end of the financial year. Loss on sale of asset
Provide the term that best describes the statement in Column A. In your answer book just write the letter from column A with the correct term from Column B.
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Column A |
Column B |
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A. Resources controlled by the entity for less than one year as a result of a past event from which future economic benefits are expected to likely to flow into the entity. |
Allowances for credit losses adjustment |
|
B. The account credited when recording the |
Accrual concept |
|
C. The supporting document used for the depreciation entry. |
Income received in advance |
|
D. The difference between the original cost and the |
Accrued income |
|
E. When the selling price is less than the carrying value. |
Consumable stores on hand |
|
F. The concept where all expenses is assigned to the financial period in which they were incurred. |
Carrying value |
|
G. The account to be debited when recording the creation of allowance for credit losses. |
Accumulated depreciation |
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H. An income that is received in this financial year but only provides the goods or services in the next financial year. |
Asset register |
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I. An income earned but not yet received. |
Current asset |
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J. Consumable stores that have not been used up by the end of the financial year. |
Loss on sale of asset |
Current assets are those assets which are either in cash or can be converted into cash into short period of time, say one year. Depreciation is charged on the basis of asset register maintained. To record depreciation, depreciation expense needs to be debited and accumulated depreciation needs to be credited.
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