What is the main goal of accrual accounting?

Accrual Accounting Concepts Assessment

Interactive Video
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Business
•
10th - 12th Grade
•
Hard

Emma Peterson
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To avoid recording liabilities
To simplify financial statements
To match revenues and expenses to the time services are performed
To record transactions only when cash is exchanged
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In month one, what is the profit under both cash and accrual accounting?
$200
$150
$100
$50
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In month two, what is the term used for money owed by customers?
Deferred revenue
Accounts payable
Accounts receivable
Prepaid expenses
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does accrual accounting treat the $400 owed by the customer in month two?
As accounts receivable
As cash revenue
As deferred revenue
As accounts payable
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In month three, what happens to the $400 received from the previous month's customer?
It is recorded as new revenue
It is added to accounts payable
It is transferred from accounts receivable to cash
It is recorded as an expense
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for cash received in advance for services to be performed in the future?
Accrued revenue
Deferred revenue
Prepaid expenses
Unearned income
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In month three, what is the cash balance after accounting for the $400 and $200 transactions?
$100
$300
$400
$500
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