In the Audit of Revenue and Expense Accounts,a Number of Accounts

question 38

Essay

In the audit of revenue and expense accounts,a number of accounts will have been audited in connection with related balance sheet accounts.For each of the revenue and expense accounts listed in column A,indicate the related balance sheet account(s).If no account is specifically related,indicate if the account should be analyzed in detail or simply compared to the balance in the previous year.

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Definitions:

Supplies

Items used in the daily operations of a business, not directly tied to the product or service being sold.

Depreciation Expense

The distribution of a physical asset's cost over its lifespan to account for depreciation or becoming outdated.

Building

A structure with a roof and walls, such as a house, school, or factory, constructed as a place for people to live, work, or carry out activities.

Adjustment

A change made to a financial record to correct or update the information.