Instructions: Identify the Following

question 99

Essay

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Canadian Klondike

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Definitions:

Adjustments

Entries made in accounting records to correct errors or allocate revenues and expenses to the appropriate accounting period.

Depreciation

The procedure of distributing the cost of a solid asset over the time it is considered useful.

Accrual Basis

A system in bookkeeping where earnings and expenses are documented at the point of transaction, not necessarily when cash exchanges hands.

Cash Basis

An accounting method that recognizes revenues and expenses only when cash is received or paid, as opposed to the accrual basis accounting.