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Nevada (NV) CMS Contractor Management Survey Exam with Questions and Answers
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74

June 2026

2025/2026

A+
Nevada (NV) CMS Contractor Management Survey Exam with Questions and Answers A contractor uses the accrual method of accounting. Materials worth $40,000 are received and used in December, but payment is not made until January. When should the expense be recognized? a. January, when payment is made b. December, when the materials are used c. When the project is completed d. At the end of the fiscal year only Correct Answer: b. December, when the materials are used Rationale: Under accrua...
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