Post Utme Eksu 2023 Accounting Question 4

Practice objective / multiple choice question 4 from the 2023 Post Utme Eksu Accounting examination.

Post Utme Eksu 2023 Accounting Objective / Multiple Choice
Question 4 POST_UTME_EKSU • 2023 • ACCOUNTING • objective

A company uses the accrual basis of accounting to record its financial transactions. The accrual basis of accounting requires that revenues and expenses be recorded when earned or incurred, regardless of when cash is received or paid. Which of the following is a characteristic of the accrual basis of accounting?

Answer Options

A. It requires that revenues and expenses be recorded when cash is received or paid
Correct Answer B. It requires that revenues and expenses be recorded when earned or incurred
C. It requires that revenues and expenses be recorded at the end of the accounting period
D. It requires that revenues and expenses be recorded at the beginning of the accounting period
Correct Answer
B
Correct Option:
It requires that revenues and expenses be recorded when earned or incurred

About This Question

This is Post Utme Eksu 2023 Accounting Question 4. It is one of the objective questions from the 2023 Post Utme Eksu Accounting examination.

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