Question 1

Cash-basis accounting ignores all of the following except:

Accepted Answer

A)  payables. 
B)  depreciation. 
C)  receivables. 
D)  expenses. 
A)  payables. 
B)  depreciation. 
C)  receivables. 
D)  expenses.

Question 2

Under the accrual method of accounting, an expense is recorded at which of the following times?

Accepted Answer

A)  When the expense is incurred 
B)  When payment for the expense is made 
C)  At the end of the accounting period 
D)  At both A and C 
A)  When the expense is incurred 
B)  When payment for the expense is made 
C)  At the end of the accounting period 
D)  At both A and C

Question 3

a company is using the cash-basis method of accounting, when is revenue recorded?

Accepted Answer

A)  When services are rendered, even though cash may be received at a later date 
B)  When cash is received 
C)  Only when cash is received before the completion of the services 
D)  Only when cash is received during the completion of the services 
A)  When services are rendered, even though cash may be received at a later date 
B)  When cash is received 
C)  Only when cash is received before the completion of the services 
D)  Only when cash is received during the completion of the services

Question 4

The Supplies account is an example of a(n):

Accepted Answer

A)  accrued revenue. 
B)  accrued expense. 
C)  prepaid expense. 
D)  unearned revenue. 
A)  accrued revenue. 
B)  accrued expense. 
C)  prepaid expense. 
D)  unearned revenue.

Cash-basis accounting ignores all of the following except:

Under the accrual method of accounting, an expense is recorded at which of the following times?

a company is using the cash-basis method of accounting, when is revenue recorded?

The Supplies account is an example of a(n):

Accounting and the Business Environment

Recording Business Transactions

Completing the Accounting Cycle

Merchandising Operations

Merchandising Inventory

Internal Control and Cash

Receivables

Plant Assets and Intangibles

Current Liabilities, Payroll, and Long-Term Liabilities

Corporations: Paid-In Capital and the Balance Sheet

Corporations: Effects on Retained Earnings and the Income Statement

The Statement of Cash Flows

Financial Statement Analysis

Introduction to Management Accounting

Job Order and Process Costing

Appendix: Process Costing

Activity-Based Costing and Other Cost Management Tools

Cost-Volume-Profit Analysis

Short-Term Business Decisions

Capital Investment Decisions and the Time Value of Money

The Master Budget and Responsibility Accounting

Flexible Budgets and Standard Costs

Performance Evaluation and the Balanced Scorecard

Filters

Exam 3: The Adjusting Process

Cash-basis accounting ignores all of the following except:

Under the accrual method of accounting, an expense is recorded at which of the following times?

a company is using the cash-basis method of accounting, when is revenue recorded?

The Supplies account is an example of a(n):

Accounting and the Business Environment

Recording Business Transactions

Completing the Accounting Cycle

Merchandising Operations

Merchandising Inventory

Internal Control and Cash

Receivables

Plant Assets and Intangibles

Current Liabilities, Payroll, and Long-Term Liabilities

Corporations: Paid-In Capital and the Balance Sheet

Corporations: Effects on Retained Earnings and the Income Statement

The Statement of Cash Flows

Financial Statement Analysis

Introduction to Management Accounting

Job Order and Process Costing

Appendix: Process Costing

Activity-Based Costing and Other Cost Management Tools

Cost-Volume-Profit Analysis

Short-Term Business Decisions

Capital Investment Decisions and the Time Value of Money

The Master Budget and Responsibility Accounting

Flexible Budgets and Standard Costs

Performance Evaluation and the Balanced Scorecard

Filters