Accounting. year end adjustments

Reporting income when it is earned and expenses when they are incurred.

• accrual basis of accounting
• adjusting Entries
• cash basis accounting
• trial balance

Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period.

• adjusting entries
• adjustments
• fiscal period
• fiscal year

The difference between total revenue and total expenses when total revenue is greater.

• adjustments
• income statement
• net income
• trial balance

The length of time for which a business summarizes financial information and reports its financial information and reports its financial performance.

• balance sheet
• trial balance
• fiscal period
• fiscal year

Reporting income when the cash is received and expenses when the cash is paid.

• accrual basis of accounting
• cash basis of accounting
• balance sheet
• income statement

A columnar accounting form used to summarize financial information and reports its financial statements.

• balance sheet
• income statement
• trial balance
• work sheet

Journal entries recorded to update general ledger accounting at the end of a fiscal period.

• adjusting entries
• adjustiments
• accrual basis of accounting
• cash basis of accounting

Cash paid for  an expense in one fiscal period that is not used until a later period.

• assets
• liababilities
• prepaid expenses
• revenue

A milling machine was bought for R200,000 and has accumulated depreciation of R65,000. On February 20th, the company disposed of the machine receiving nothing in return. How would you record the loss on the disposal of the milling machine?

• R65,000

• R70,000

• R135,000

• No loss on the disposal

The only long-term asset that does not depreciate is:

• Land Improvements
• Land
• Building
• Trademarks