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13 May 2018

9. Under the accrual basis of accounting, revenues are recognized when they are earned and expenses are matched with revenues.

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Nestor Rutherford
Nestor RutherfordLv2
15 May 2018

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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.

9 The accrual basis of accounting records: a. Revenues when collected and expenses when paid b. Revenues when earned and expenses when paid c. Revenues when collected and expenses when incurred d. Revenues when earned and expenses when incurred e. None of the above The correct answer is 'd'.

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

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