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Which of the following is not a characteristic of the accrual basis of accounting?

a. Revenues and expenses are reported in the period in which cash is received or paid

b. Revenues are reported in the income statement in the period in which they are earned

c. Supports the matching concept

d. All are correct.

 

 

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Jean Keeling
Jean KeelingLv2
7 Apr 2020

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Related questions

Which of the following statements about accrual-basis accounting is true?

a. Accrual-basis accounting recognizes revenues when they are received in cash.

b. Accrual-basis accounting is optional under generally accepted accounting principles.

c. Accrual-basis accounting recognizes expenses when they are incurred.

d. Accrual-basis accounting follows the fiscal year assumption.

Under the modified accrual basis of accounting used by the general fund, revenues should be recognized in the period in which:

A. Cash is collected

B. Amounts are earned

C. Amounts are received

D. Amounts are available and measurable

Completely and Precisely Define the Following Terms

The accrual basis of accounting:

The Matching principle:

Name and define one type of adjusting entry where cash is paid(or received) BEFORE Expenses or Revenues are Recognized:

Name and Define one type of adjusting entry where cash is paid(or received) AFTER Expenses or Revenue are Recognized:

Adjusted Trial balance:

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