Accounting Chapter 3
Authored by Jeannine Johnson
Business
University
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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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