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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.

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.

FINANCIAL ACCOUNTING
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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22 2022 Q.1.2 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 А. Resources controlled by the Allowances for credit losses adjustment 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. В. The account credited when Accrual concept recording the depreciation adjustment. C. The supporting document used for the depreciation entry. Income received in advance D. The difference between the Accrued income original cost and the accumulated depreciation of the asset. When the selling price is less than the carrying value. Е. Consumable stores on hand F. The concept where all expenses Carrying value is assigned to the financial period in which they were incurred. G. The account to be debited when Accumulated depreciation recording the creation of allowance for credit losses. Н. An income that is received in this Asset register financial year but only provides the goods or services in the next financial year. I. An income earned but not yet Current asset received. J. Consumable stores that have not Loss on sale of asset been used up by the end of the financial year.
Transcribed Image Text:22 2022 Q.1.2 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 А. Resources controlled by the Allowances for credit losses adjustment 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. В. The account credited when Accrual concept recording the depreciation adjustment. C. The supporting document used for the depreciation entry. Income received in advance D. The difference between the Accrued income original cost and the accumulated depreciation of the asset. When the selling price is less than the carrying value. Е. Consumable stores on hand F. The concept where all expenses Carrying value is assigned to the financial period in which they were incurred. G. The account to be debited when Accumulated depreciation recording the creation of allowance for credit losses. Н. An income that is received in this Asset register financial year but only provides the goods or services in the next financial year. I. An income earned but not yet Current asset received. J. Consumable stores that have not Loss on sale of asset been used up by the end of the financial year.
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