ACC205 Week 2 – Videos & Quiz: Chapter 3
This attempt took 11 minutes.
Question 1
1 / 1 pts
Cash received from a customer in advance of an order being shipped is considered revenue by the firm.
True
False
Question 2
1 / 1 pts
If no cash is received then revenue cannot be recognized based on the matching principle.
True
False
Question 3
1 / 1 pts
The cash account will never have an adjusting entry when closing the books.
True
False
Question 4
1 / 1 pts
Expenses must be paid for before they can be recognized.
True
False
Question 5
1 / 1 pts
The accounting cycle for a firm is considered to be one year.
True
False
Quiz Score: 5 out of 5
