Tourism

A fiscal year is 12 consecutive months

• True

• False

A fiscal year always begins in January

• True

• False

Adjustments are made at the end of the accounting period to ensure that the income statement and balance sheet reflect the transactions for the accounting period.

• True

• False

Accrued revenue is revenue that has been earned but not yet recorded

• True

• False

Expenses incurred in one accounting period but not paid until a later accounting period are called expenses.

• True

• False

Depreciation is a contra account

• True

• False

Land depreciates

• True

• False

Accumulated depreciation is subtracted from the corresponding property and equipment account and reduces the net book value

• True

• False

Tourism students need an understanding of accounting

• True

• False