While Duties Are What You Are Expected to Do, ______________

question 45

Multiple Choice

While duties are what you are expected to do, ______________ are commendable but not required actions.

• A)functions
• B)supererogatories
• C)imperfect duties
• D)obligations

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Definitions:

Adjusting Entry

Journal entries made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred.

Straight-Line Method

A process for figuring out depreciation or amortization by spreading the asset’s price evenly over its operational life.

Depreciation Expense

The allocation of the cost of a tangible asset over its useful life, reflecting the decline in its value over time.

Gain or Loss

The financial result of selling an asset for more or less than its purchase price, respectively.