1. Fill in the blanks with suitable word/words: i. Expenses are matched with ……....……. generated during a period. ii. Goods of Shs. 50 000 are sold on 25th March 2006 but payment is received on 10th April 2006. It will be revenue for the year ending.................... iii. If accounting year begins from 1st of January, and ends on 31st of December, it is known as ………………. iv. Income is the excess of ……....……. over ……....……. v. ……....……. concept states that the revenue and the expenses incurred to earn the revenue must belong to the same accounting period vi. If accounting year begins from 1st of April and ends on 31st of March, then accounting year is known as ……………….
1. Fill in the blanks with suitable word/words: i. Expenses are matched with ……....……. generated during a period. ii. Goods of Shs. 50 000 are sold on 25th March 2006 but payment is received on 10th April 2006. It will be revenue for the year ending.................... iii. If accounting year begins from 1st of January, and ends on 31st of December, it is known as ………………. iv. Income is the excess of ……....……. over ……....……. v. ……....……. concept states that the revenue and the expenses incurred to earn the revenue must belong to the same accounting period vi. If accounting year begins from 1st of April and ends on 31st of March, then accounting year is known as ……………….
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
1. Fill in the blanks with suitable word/words: i. Expenses are matched with ……....……. generated during a period. ii. Goods of Shs. 50 000 are sold on 25th March 2006 but payment is received on 10th April 2006. It will be revenue for the year ending.................... iii. If accounting year begins from 1st of January, and ends on 31st of December, it is known as ………………. iv. Income is the excess of ……....……. over ……....……. v. ……....……. concept states that the revenue and the expenses incurred to earn the revenue must belong to the same accounting period vi. If accounting year begins from 1st of April and ends on 31st of March, then accounting year is known as ……………….
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