4.9: Multiple Choice

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Which method of accounting must be used by publicly traded companies?

cash basis
accrual basis
a hybrid of cash and accrual basis
modified accelerated basis

Which two accounting principles directly support the accrual method of accounting?

periodicity, transparency
historical cost, time period
conservativism, going concern
expense recognition, revenue recognition

Which of the following account types has a normal debit balance?

cash
notes payable
wages payable
revenue

Sara sells $100 worth of inventory to her client on credit on January 15. She delivers the inventory to the client on January 20. The client pays for the inventory of February 26. On what date should Sara recognize the revenue from the sale?

January 15
January 20
January 31
February 26

How is the book value of a fixed asset calculated?

original cost less accumulated depreciation
original cost divided by useful life
market value less depreciation expense
depreciable base less market value

Which of the following balance sheet item is classified as a fixed asset?

inventory
goodwill
equipment
accounts receivable

What is the formula to determine net income or net loss?

revenues less expenses
cash less expenses
revenues plus cash
revenues divided by expenses

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