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The concept that requires that accountants accrue revenue at the end of the accounting per

The concept that requires that accountants accrue revenue at the end of the accounting period for work performed but not yet billed is the:

A) Cost principle

B) Time-period assumption

C) Recognition criteria for revenue

D) Matching objective

41) The matching objective is the basis for recording:

A) revenues

B) expenses

C) assets

D) liabilities

42) Accrued expenses are expenses that have been:

A) paid but not incurred

B) not paid but incurred

C) not paid and not incurred

D) paid and incurred

43) Accruals involve the recording of an expense or a revenue account:

A) either before or at the same time the cash is paid or received

B) after the cash is paid or received

C) at the same time the cash is paid or received

D) before the cash is paid or received

44) Deferrals involve the recording of an expense or a revenue account:

A) either before or after the cash is paid or received

B) after the cash is paid or received

C) before the cash is paid or received

D) either before or at the same time the cash is paid or received

45) The primary difference between deferred and accrued expenses is that accrued expenses:

A) have been paid but deferred expenses haven't

B) have not been paid but deferred expenses have

C) involve assets instead of liabilities

D) There is no difference between deferred and accrued expenses.

46) Accrued revenue has:

A) not been earned nor received

B) been earned but not received

C) not been earned but has been received

D) been earned and received

47) Unearned revenue has:

A) been earned but the cash has not been received

B) not been earned nor has the cash been received

C) been earned and the cash has been received

D) not been earned but the cash has been received

48) Failure to record the adjusting entry for amortization:

A) overstates assets and overstates equity

B) understates assets and overstates equity

C) overstates assets and understates equity

D) understates assets and understates equity

49) Failure to record an accrued expense:

A) overstates expenses

B) overstates liabilities

C) understates liabilities

D) overstates assets

Dec 11 2019 View more View Less

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