Podcast Beta
Questions and Answers
Which accounting principle states that revenue is recorded when it is earned regardless of whether or not payment has been received, and expenses are recorded when incurred?
What is the term used to describe the total amount that has been written off as an expense against a particular asset over time?
What is the term used to describe the calculation of the decline in value of an asset from its original value to its residual or remaining value?
What is the means by which Canadian businesses may claim depreciation expense for calculating taxable income under the Income Tax Act called?
Signup and view all the answers
Which principle of accounting states that revenue is recorded when it is earned regardless of whether or not payment has been received, and expenses are recorded when incurred?
Signup and view all the answers
What is the term used to describe the balance that shows the updated income statement and balance sheet entries on the worksheet?
Signup and view all the answers
What is the term used to describe an account linked to a long-term asset account that tracks and records the decrease in value of the asset?
Signup and view all the answers
What is the means by which Canadian businesses may claim depreciation expense for calculating taxable income under the Income Tax Act called?
Signup and view all the answers
What is the term used to describe the calculation of the decline in value of an asset from its original value to its residual or remaining value?
Signup and view all the answers
