The Accounting Cycle
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Questions and Answers

Under accrual-basis accounting, when are assets recorded?

  • At the time those resources are obtained (correct)
  • At the time obligations occur
  • At the time goods and services are provided to customers
  • At the end of the year

    • When are liabilities recorded under accrual-basis accounting?

  • At the time obligations occur (correct)
  • At the time goods and services are provided to customers
  • At the end of the year
  • At the time those resources are obtained

    • When are revenues recorded under accrual-basis accounting?

  • At the time goods and services are provided to customers (correct)
  • At the end of the year
  • At the time obligations occur
  • At the time those resources are obtained

    • When are expenses recorded under accrual-basis accounting?

    <p>At the time obligations occur (D)</p> Signup and view all the answers

    What is the purpose of the closing process in the accounting cycle?

    <p>To record and post closing entries (C)</p> Signup and view all the answers

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