Solved > 11) A doctor performed surgery in March and:1939694 …

11) A doctor performed surgery in March and did not receive cash from the patient until July. Under accrual accounting the doctor recognizes revenue:

A) in March.

B) in July.

C) in either March or July.

D) at a time that cannot be determined from the facts.

12) Under accrual accounting, revenue is recorded:

A) when the cash is collected, regardless of when the services are performed.

B) when the services are performed, regardless of when the cash is received.

C) either when the cash is received or the sale is made.

D) only if the cash is received at the same time the services are performed.

13) Which of the following transactions would be recorded under accrual accounting but NOT under cash-basis accounting?

A) Collecting cash from customers

B) Borrowing money from the bank

C) Purchasing of inventory on account

D) Issuing stock for cash

14) Under accrual accounting, the impact of a business transaction is recorded:

A) as it occurs.

B) when cash is received or paid.

C) at the end of the accounting period.

D) only if the amount of the transaction is material.

15) Which of the following is an acceptable method of accounting?

A) Combination basis

B) Tax basis

C) Services basis

D) Accrual basis

16) Which of the following is a correct statement about the methods of accounting?

A) Cash-basis accounting records revenues when they are earned.

B) Cash-basis accounting records expenses only at the end of the month.

C) GAAP requires accrual accounting.

D) Accrual accounting records an expense when cash is paid.

17) The method of accounting that records revenues when the cash is received and expenses as they are               paid is the:

A) deferral method.

B) cash method.

C) accrual method.

D) hybrid method.

18) When a company sells merchandise inventory on account:

A) the receipt of cash increases their wealth.

B) making the sale increases their wealth.

C) the gain on the transaction occurs when the cash is received.

D) total assets are increased when the cash is received.

19) Under cash-basis accounting:

A) the Cash account will be overstated.

B) important information is ignored.

C) the Cash account will be understated.

D) the financial statements will have the same information as statements prepared under accrual accounting.

20) A defect of cash-basis accounting is:

A) the income statement will be incorrect.

B) the balance sheet will be incorrect.

C) both the income statement and the balance sheet will be incorrect.

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