Match the following statements to the appropriate terms. a. A twelve month accounting period.
b. Expenses paid before they are incurred.
c. Cost less accumulated depreciation.
d. Divides the economic life of a business into artificial time periods.
e. Efforts are related to accomplishments.
f. A contra asset account.
g. Recognition of revenue when the performance obligation is satisfied

1. Fiscal year
b. Income Summary
c. Revenue recognition principle
d. Closing entries
e. Accrued expenses
f. Accumulated depreciation

Trecek corporation incurs research and development costs of $625,000 in 2017, 30 percent of which relate to development activities subsequent to ias 38 criteria having been met that indicate an intangible asset has been created. the newly developed product is brought to market in january 2018 and is expected to generate sales revenue for 10 years. assume that a u.s.–based company is issuing securities to foreign investors who require financial statements prepared in accordance with ifrs. thus, adjustments to convert from u.s. gaap to ifrs must be made. ignore income taxes. required: (a) prepare journal entries for research and development costs for the years ending december 31, 2017, and december 31, 2018, under (1) u.s. gaap and (2) ifrs. (c) prepare the entry(ies) that trecek would make on the december 31, 2017, and december 31, 2018, conversion worksheets to convert u.s. gaap balances to ifrs.

When a market is in equilibrium, the buyers are those with the willingness to pay and the sellers are those with the costs.

Sarah is an accountant with desires to open her own business. she is looking for office space at a reasonable rate along with internet service. of the conditions that need to be put in place for the entrepreneurial ecosystem, she needs