Accounting Chapter 3

Accounting Chapter 3

University

•

55 Qs

quiz-placeholder

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Accounting Chapter 3

Accounting Chapter 3

Assessment

Quiz

•

Business

•

University

•

Practice Problem

•

Hard

Created by

Jeannine Johnson

Used 1+ times

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55 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of transactions does cash-basis accounting record?

Only credit transactions

Only cash transactions

Both cash and credit transactions

Only electronic transactions

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In cash-basis accounting, how are cash receipts treated?

As liabilities

As expenses

As revenues

As assets

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How are cash payments handled in cash-basis accounting?

As revenues

As liabilities

As expenses

As assets

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does accrual-basis accounting record?

The impact of a business transaction as it occurs

Only cash transactions

Transactions when cash is received

Transactions when cash is paid

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When is revenue recognized in accrual-basis accounting?

When it is earned

When it is collected

When it is deposited

When it is invoiced

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When are expenses recognized in accrual-basis accounting?

When they are incurred

When they are paid

When they are billed

When they are approved

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the matching principle in accounting state?

Expenses must be recognized in the period in which they are used to earn the income

Revenue must be recognized when cash is received

Expenses must be recognized when cash is paid

Revenue and expenses must be recognized in the same period

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