An example is utilities used in December 2018 but which has not been paid in December 2018 must be recorded in the Income Statement for the period ended 2018. This is an application of ___ concept.

The _______ concept states that for a given financial period, only the expenses incurred to generate

the income reported during the period should be recorded in the same period.

An example is freight charges incurred in delivery of goods sold must be recorded in the same financial year where the sales revenue of such sale of goods is reported in. This is an application of __ concept.

Prepaid rent is recorded as ____ in the Balance Sheet.

Commission income received in advance is recorded as ____ in the Balance Sheet.

Journal entry to adjust for Accrued utilities at year end: Dr__ & Cr__.

Accrued salaries is recorded as ____ in the Balance Sheet.

Prepaid salaries at beginning of the year is recorded in ____ column of Salaries Expense account.

Accrued salaries at year-end is recorded in ____ column of Salaries Expense account.

Accrued rent is recorded as ____ in the Balance Sheet.

Salary paid using cheque is recorded in ____ column of Salaries Expense account.

Annual salaries is recorded as ____ in ____ column of Salaries Expense account

Interest income received in advance at beginning of the year is recorded as _____ in ____ column of Interest Income account.

Interest income received in advance at year-end is recorded as _____ in ____ column of Interest Income account.

Interest income receivables at year-end is recorded as _____ in ____ column of Interest Income account.

Interest income for the year is recorded as _____ in ____ column of Interest Income account.

Interest income received in cash for the year is recorded as _____ in ____ column of Interest Income account.

When prepaid rent of $300 was not being adjusted as at year end. What is the effect on profit for the year?

When Accrued repair expense of $600 was not being adjusted as at year end. What is the effect on profit for the year?