QUESTION Z Amortization is a term which means the same as Depreciation. Which of the following standards discourages but does NOT restrict the use of the term "Amortization" on depreciable assets? IFRS OCICA O ASPE GAAP QUESTION 8 Adjusting entries are needed O never if you are reporting on an annual basis. o every time financial statements are prepared. o every time cash is received. o every time expenses are incurred or revenue is performed. Click Save and Sub . Save All QUESTION 9 Which of the following items is NOT classified as an adjusting entry? O accrued expenses O prepaid expenses owner's capital unearned revenues QUESTION 10 The closing entry process consists of closing all temporary accounts. out the Owner's Capital account. all permanent accounts. all asset and liability accounts. LLUITU. Question Completion Status: QUESTION 11 Closing entries are journalized and posted o when the business is closing its doors. after the financial statements are prepared. o before the financial statements are prepared. o at the end of each interim accounting period. QUESTION 12 When preparing a work sheet, the profit (or loss) for the period o is found by calculating the difference between the income statement credit column and the balance sheet credit column on the work sheet. O is found by calculating the difference between the income statement column totals on the work sheet. o is found by calculating the difference between the trial balance totals and the adjusted trial balance totals. O cannot be found on the work sheet