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Accounting 101 Chapter 3 and 4 Exam questions with correct answers 2026/2027 Edition Graded A+ accrual based accounting -Record transactions that change a company's financial statements in the periods in which the events occur. cash based ac

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Accounting 101 Chapter 3 and 4 Exam questions with correct answers 2026/2027 Edition Graded A+ accrual based accounting -Record transactions that change a company's financial statements in the periods in which the events occur. cash based accounting --recording transaction when cash is received -fails to record revenue that is ea

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ACC 1O1/102/202
ACC/FIN/110.
Accounting
CPA 2026/2027 BUSINESS

, Accounting 101 Chapter 3 and
4 Exam questions with correct
answers 2026/2027 Edition
Graded A+
accrual based accounting - ✅✅Record transactions that change a
company's financial statements in the periods in which the events
occur.


cash based accounting - ✅✅-recording transaction when cash is
received
-fails to record revenue that is earned but has not received the cash
for yet
-is not in accordance with GAAP


revenue recognition principle - ✅✅requires that companies
recognize revenue in the accounting period in which the service
obligation is satisfied


expense recognition principle - ✅✅expenses be matched with
revenues

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