MCQs on Accrual Basis Accounting

MCQs on Accrual Basis Accounting

Professional Development

15 Qs

quiz-placeholder

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MCQs on Accrual Basis Accounting

MCQs on Accrual Basis Accounting

Assessment

Quiz

Business

Professional Development

Hard

Created by

Kak Didi

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In January, a restaurant chain sells food to customers for $50,000 cash. Under the accrual basis of accounting, when should this revenue be recorded?

January

February

When cash is collected

When expenses are paid

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A company sells a franchise for $5,000 in January, providing $2,000 in immediate services and the rest over five months. How much revenue is recognized in January?

$0

$2,000

$5,000

$3,000

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A company delivers goods worth $3,500 to a customer on account in January. The customer will pay in February. When is revenue recorded?

January

February

March

When cash is received

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Customers pay $2,500 in advance for services to be provided in March. When is revenue recognized?

January

March

When cash is received

February

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business receives $400 in January for deposits on future orders to be delivered in April. How much revenue is recorded in January?

$0

$400

$200

$100

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A company pays $6,000 in rent for January, February, and March. How much expense is recorded in January?

$6,000

$2,000

$3,000

$1,000

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In January, a company pays $8,000 for supplies that were received in December. When should the expense be recorded?

December

January

February

When paid

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