What Entries Should Be Made in the Extended Trial Balance

question 1

Multiple Choice

What entries should be made in the extended trial balance in respect of depreciation and amortisation?

• A) None
• B) Debit the income statement and credit the asset account
• C) Debit the income statement and credit the accumulated depreciation account
• D) Credit the income statement and debit the asset account
• E) Credit the income statement and debit the accumulated depreciation account

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Definitions:

Fast Fashion

A business model characterized by rapid production cycles and low prices to capitalize on current trends, often criticized for its environmental and ethical impacts.

Shadow Endorser

An unofficial or indirect endorser who supports a brand or product through their actions or usage without formal agreement.

Architecture Strategy

The planning and implementation of foundational structures and systems of an organization to achieve its long-term objectives.

Strong Endorsement

A powerful and influential public recommendation or support for a brand or product, typically by a well-known or reputable figure.