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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the accrual concept?
💡 Hint: Think about the timing of transactions.
Question 2
Easy
When do you recognize revenue?
💡 Hint: Consider when the service was provided.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does the accrual concept state?
- A) Record transactions when cash is paid
- B) Record transactions when they occur
- C) Record transactions at year-end
💡 Hint: Think about when the transaction happens.
Question 2
True or False: The accrual concept affects only revenue recognition.
- True
- False
💡 Hint: Consider expenses as well.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Your company provides consulting services in September but bills the client in October. The service is worth $15,000. How do you record this in your financial statements?
💡 Hint: Focus on the service completion date.
Question 2
If a company pays its employees at the end of the month for work done throughout the month, explain how the accrual principle applies to payroll expenses.
💡 Hint: Think of the monthly cycle of labor and pay.
Challenge and get performance evaluation