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Quiz 3

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18 views

Quiz 3

dfgd

Uploaded by

bermet2509
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Quiz 3.

1. An accounting time period that is one year in length, but does not begin on January 1, is
referred to as
a. a fiscal year.
b. an interim period.
c. the time period assumption.
d. a reporting period.

2. Which of the following is in accordance with IFRS?


a. Accrual basis accounting
b. Cash basis accounting
c. Both accrual basis and cash basis accounting
d. Neither accrual basis nor cash basis accounting

3. Adjusting entries are required


a. yearly.
b. quarterly.
c. monthly.
d. every time financial statements are prepared.

4. The revenue recognition principle dictates that revenue should be recognized in the
accounting records
a. when cash is received.
b. when the performance obligation is satisfied.
c. at the end of the month.
d. in the period that income taxes are paid.

5. An adjusting entry
a. affects two statement of financial position accounts.
b. affects two income statement accounts.
c. affects a statement of financial position account and an income statement
account.
d. is always a compound entry.

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