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SECTION: PROFESSOR: Fill in the Blanks 1. The financial year of a business is from Jan. 1 to Dec. 31. In Jan. 2019, it provided goods worth P125,000 to a customer. This amount should be recorded in the year 2019. In.Dec. 2019, it paid P240,000 for the rent for Jan. 2020. This expense should be recorded in the year_2020 1 1 2. There are two main accounting theories that determine how income and expenses are accounted for. They are the matching concept and the Revenge Reccomi concept. 3. A business prepares an income statement for a financial year. The business collected P260,000 for 13 months of rental income, but only recorded P240,000 as rent income in the income statement. This practice complies with the DEFERROL concept. 4. In a business with a 12-month financial year starting from Jan. 1, the last month of the financial year is Der 31 For another business with a 12-month financial year starting from Mar. 1, the last month of the financial year is tb.28 129 5. There are certain rules dictating the inancial period that income and expenses are to be recorded in. Income is recognized and recorded when it is Paned and expenses are recorded when they are incurred 6. The financial year of a business is from Jan. 1 to Dec. 31. In preparing the income statement for the year ended Dec. 31, 2020, the business includes the income and expenses from Jan. to Dec. 2020 only. This practice follows the PERIODOTY concept. An income earned in Jan. 2019 which was collected in Dec. 2018 is recorded in 2019. This second practice follows the_DETERMAL concept. 7. A trial balance lists all the names of ledger accounts in the_greal ledger and their Conces as at a particular date. The total from accounts with DER balances should tally with the total from accounts with CREDO balances