MUHASEBE I

What does accounting time period that is one year in length is called?

............... is the cost of assets consumed or services used during the revenue earning process. Fill the gap with the suitable word.

Which of the following statements is wrong?

................. of an asset is the depreciable asset’s cost minus the asset’s accumulated depreciation. What should the gap is filled with?

Accounting periods may be ................ .

Revenue recognition principle dictates that .............

In ...................., revenue is recognized before the cash is received.

............... are necessary every time financial statements are prepared.

........................ is the cost of an asset, or other amount substituted for cost, less than its residual value.