Matching
Match the correct definitions below with the terms .
Premises:
Amount that one would expect to be the value of an asset when its estimated life is over
Steps in the accounting process, completed during the fiscal year
Allocation of the cost of a plant asset over its estimated life
Twelve consecutive months used by a business as its annual accounting period
Amount of unpaid wages owed to employees for wages earned between the last pay period end and the end of the fiscal period
Account that is contrary to or a deduction from another account
Working paper that is used to record adjustments and gather information to prepare the financial statements
Accounts that are partly income statement and partly balance sheet accounts
Process of recording internal transactions at the end of the fiscal period for updating some accounts
Responses:
Fiscal year
Trade-in value
Accrued wages
Work sheet
Contra account
Accounting cycle
Mixed accounts
Adjusting
Depreciation
Correct Answer:
Premises:
Responses:
Amount that one would expect to be the value of an asset when its estimated life is over
Steps in the accounting process, completed during the fiscal year
Allocation of the cost of a plant asset over its estimated life
Twelve consecutive months used by a business as its annual accounting period
Amount of unpaid wages owed to employees for wages earned between the last pay period end and the end of the fiscal period
Account that is contrary to or a deduction from another account
Working paper that is used to record adjustments and gather information to prepare the financial statements
Accounts that are partly income statement and partly balance sheet accounts
Process of recording internal transactions at the end of the fiscal period for updating some accounts
Premises:
Amount that one would expect to be the value of an asset when its estimated life is over
Steps in the accounting process, completed during the fiscal year
Allocation of the cost of a plant asset over its estimated life
Twelve consecutive months used by a business as its annual accounting period
Amount of unpaid wages owed to employees for wages earned between the last pay period end and the end of the fiscal period
Account that is contrary to or a deduction from another account
Working paper that is used to record adjustments and gather information to prepare the financial statements
Accounts that are partly income statement and partly balance sheet accounts
Process of recording internal transactions at the end of the fiscal period for updating some accounts
Responses:
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