Post Utme Achievers University 2022 Accounting Question 38

Practice objective / multiple choice question 38 from the 2022 Post Utme Achievers University Accounting examination.

Post Utme Achievers University 2022 Accounting Objective / Multiple Choice
Question 38 POST_UTME_ACHIEVERS_UNIVERSITY • 2022 • ACCOUNTING • objective

A public sector organization uses the accrual basis of accounting. The organization's financial statements for the year ended December 31, 2022, show the following balances: Revenue ₦100,000,000, Expenses ₦80,000,000, and Net Assets ₦20,000,000. What is the correct accounting treatment for the organization's revenue and expenses?

Answer Options

A. Revenue is recognized when earned, and expenses are matched with revenues
Correct Answer B. Revenue is recognized when received, and expenses are matched with revenues
C. Revenue is recognized when earned, and expenses are matched with revenues and expenses
D. Revenue is recognized when received, and expenses are matched with revenues and expenses
Correct Answer
B
Correct Option:
Revenue is recognized when received, and expenses are matched with revenues

About This Question

This is Post Utme Achievers University 2022 Accounting Question 38. It is one of the objective questions from the 2022 Post Utme Achievers University Accounting examination.

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