You are watching: Which of the following are in accordance with generally accepted accounting principles?
The generally accepted accountancy principle i m sorry dictates that revenue be known in the accounting duration in i m sorry the performance obligation is satisfied is thea. Accrued earnings principle.b. Revenue recognition principle.c. Periodicity assumption.d. Expense recognition principle.
The cash communication of accounting is in accordance with usually accepted accountancy principles.a.Falseb.True
Which one of these statements about the accrual-basis of audit is false?a.This basis is in accord with typically accepted audit principles.b.Companies record events that readjust a company"s jae won statements in the durations in i beg your pardon the events occur.c.Companies record revenue only as soon as they obtain cash, and record price only when they pay out cash.d.Companies identify revenue in the duration in i m sorry the performance duty is satisfied.
c.Companies record revenue only once they obtain cash, and also record expense only when they pay the end cash.
Which declare is correct?a.The use of the cash communication of accounting violates both the revenue recognition and also expense recognition principles.b.The cash basis of accountancy is objective because no one deserve to be details of the lot of revenue till the cash is received.c.As lengthy as monitoring is ethical, there are no problems with utilizing the cash communication of accounting.d.As lengthy as a agency consistently offers the cash-basis of accounting, generally accepted bookkeeping principles allow its use.
a.The use of the cash communication of audit violates both the revenue recognition and also expense acknowledgment principles.
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Adjusting entries space made to ensure that:a.expenses are recognized in the period in i beg your pardon they space incurred.b.balance sheet and income explain accounts have correct balances in ~ the end of an accountancy period.c.All of these answer choices are correct.d.revenues are recorded in the duration in i beg your pardon the performance obligation is satisfied.