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- Revenues and expenses must be recorded in the accounting period in which they were earned or incurred, no matter when cash receipts or outlays occur under which of the following accounting methods? A. accrual basis accounting B. cash basis accounting C. tax basis accounting D. revenue basis accountingWhich of the following is not a criterion to recognize revenue under GAAP? A. The earnings process must be completed. B. A product or service must be provided. C. Cash must be collected. D. GAAP requires that the accrual basis accounting principle be used in the revenue recognition process.Under accrual accounting, revenue should be recognized and recorded on the income statement: Select one: O When cash is received O When earned
- Which of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec. Retained Earningsd. Sales RevenueWhich account is least likely to be debited when revenueis recorded?a. Accounts Payableb. Accounts Receivablec. Cashd. Unearned RevenueWhich of the following statements is characteristic of accrual basis accounting? Expenses are recorded when payment is made. Revenue is recognized when payment is received. Transactions are recorded when they occur. The exchange of cash determines timing of revenue recognition.
- Under the accrual basis of accounting, revenue is recorded a. when earned and realizable b. when earned c. when earned and realized d. when realizedWhat kind of account is Unearned Revenue?a. Liability accountb. Asset accountc. Expense accountd. Revenue accountQuestion: Which accounting principle states that revenue should be recognized when it is earned and expenses when they are incurred? a. Matching principle b. Revenue recognition principle c. Conservatism principle d. Time period principle
- The accrued balance in a revenue account represents an amount which is: A. earned and collectedB. earned and uncollectedC. unearned and collectedD. unearned and uncollectedUnder accrual basis of accounting, revenue is recognized when ______________ and expenses are recognized when ________________. Select one: a. Incurred; earned b. Received; paid c. Paid; received d. Earned; incurred1. Multiple-Choice Question Under the accrual basis of accounting, revenues are reported in the accounting period when which of the following occurs? A. Cash Is Received B. Services Or Goods Have Been Delivered Please explain, and add example if can.