Explanation

A manager who is responsible for only cost of company belongs to cost center.

Explanation

Each adjusting entry has a dual purpose: 

to make the income statement report the proper revenue or expense and 

to make the balance sheet report the proper asset or liability.

Explanation

Accounts payable is the money a company owes its vendors, while accounts receivable is the money that is owed to the company, typically by customers.

Explanation

Explanation

The purpose of adjusting entries is to convert cash transactions into the accrual accounting method.

Explanation

Unearned income is income from investments and other sources unrelated to employment. Examples of unearned income include interest from savings accounts, bond interest, alimony, and dividends from stock.

Explanation

Expense is the cost incurred in or required for something.

Explanation

It is also called the Original cost method, Fixed Installment method or Equal Installment method.

Explanation

Salvage value is the estimated book value of an asset after depreciation is complete, based on what a company expects to receive in exchange for the asset at the end of its useful life

Explanation

Book value is the net value of a firm's assets found on its balance sheet, and it is roughly equal to the total amount all shareholders would get if they liquidated the company.