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- Which of the following is the principle that a company must recognize revenue in the period in which it is earned; it is not considered earned until a product or service has been provided? A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principleWhich 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.An expense represents a liability a cost of doing business none of the above a withdrawal
- options are: (A) Business entity assumption (B) Cost principle (C) Full disclosure principle (D) General accounting principle (E) Going-concern assumption (F) Matching (expense recognition) principle (G) Revenue recognition principle (H) Specific accounting principleD) going concern?example E) periodicity?example F)Revenue recognition principle? Example G)Matching concept? Example H)Accrual basis of accounting? Example I) Dual aspect of accounting? Explain exampleA debit balance in the Retained Earnings accounts is reported as a (an) a. assetb. contra-liabilityc. liabilityd. contra-equity
- Under 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; incurredHow are anticipated administrative expenses reported on a statement of financial affairs?a. As a footnote until actually incurred.b. As a liability with priority.c. As a partially secured liability.d. As an unsecured liability.The amount business owes to others is known as: Revenue Expense Liabilities Assets
- Which of the following overall accounting concepts has a number of exceptions under GAAP? a) Historical cost b) Transaction basis c) Conservatism d) Accrual accountingAmount owed by the business to outsiders or whatever is payable by a company is known as ___. a. Liability b. Expense c. Revenue d. AssetChoose the correct. How are anticipated administrative expenses reported on a statement of financial affairs?a. As a footnote until actually incurred.b. As a liability with priority.c. As a partially secured liability.d. As an unsecured liability.
