Select the Term from the List Provided That Best Describes

question 120

Essay

Select the term from the list provided that best describes each of the following descriptions or definitions.

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Definitions:

Fiscal Year

A 12-month period used for accounting purposes and preparing financial statements, which may not align with the calendar year.

Supplies Expense

Costs associated with consumable items or supplies used in the day-to-day operations of a business.

Adjusting Entry

An adjusting entry is a journal entry made at the end of an accounting period to allocate income and expenditure to the appropriate years.

Physical Count

A method used in inventory management to ensure the actual number of items in stock matches the recorded numbers by counting them manually.