Multiple Choice
During May,2018,Sugar Inc.performs consulting services.The client does not pay Sugar until June,2018.
A) Using the accrual basis of accounting,the revenue is reported in June 2018.
B) Using the cash basis of accounting,the revenue is reported in May 2018.
C) Using the accrual basis of accounting,the revenue is reported in May 2018.
D) Using the accrual basis of accounting,the revenue is reported when Sugar's expenses are paid.
Correct Answer:
Verified
Correct Answer:
Verified
Q2: The employees of Pinnacle,Inc.worked during July but
Q3: Shaun,Inc.received payment from a customer in June
Q4: The entry to record the payment of
Q5: If a company is paid in full
Q6: The following account balances are taken
Q8: In an expanded accounting equation,revenues and expenses
Q9: During April,Ballarat,Inc.earned $1,680,of which $1,200 was collected,and
Q10: A net loss results when:<br>A)assets are greater
Q11: Match the term and the explanation.There are
Q12: Murphy,Inc.paid $9,600 cash for insurance in June