1.2 please 222022Q.1.2 Provide the term that best describes the statement in Column A. In your answer bookjust write the letter from column A with the correct term from Column B.Column AColumn BА.Resources controlled by theAllowances for credit losses adjustmententity for less than one year as aresult of a past event from whichfuture economic benefits areexpected to likely to flow intothe entity.В.The account credited whenAccrual conceptrecording the depreciationadjustment.C.The supporting document usedfor the depreciation entry.Income received in advanceD.The difference between theAccrued incomeoriginal cost and theaccumulated depreciation of theasset.When the selling price is lessthan the carrying value.Е.Consumable stores on handF.The concept where all expensesCarrying valueis assigned to the financial periodin which they were incurred.G.The account to be debited whenAccumulated depreciationrecording the creation ofallowance for credit losses.Н.An income that is received in thisAsset registerfinancial year but only providesthe goods or services in the nextfinancial year.I.An income earned but not yetCurrent assetreceived.J.Consumable stores that have notLoss on sale of assetbeen used up by the end of thefinancial year.

Accrual con cept states that the expenses and revenues are recorded when accrued not when the cash…

Answered: Provide the term that best describes…

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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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.