
MCQs on Accrual Basis Accounting

Quiz
•
Business
•
Professional Development
•
Hard
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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