Financial Accounting 5ceChapter 3 – Accrual Accounting and the Financial StatementsAnswer:
CDiff: 3 Type: MCL.O.: L.O. 3-22) The accounting principle which tells accountants when to record revenue and in what amount is called the:
BDiff: 1 Type: MCL.O.: L.O. 3-23) Under the revenue recognition principle, a business should record revenue when the business:
CDiff: 3 Type: MCL.O.: L.O. 3-24) On October 25, 2013 Quick Corp. prints a cheque for November's rent payment. Quick Corp. mails the cheque on October 27 to the landlord. The landlord receives the cheque October 31 and cashes the cheque on November 2. When should Quick Corp. record the rent expense associated with this transaction?
CDiff: 3 Type: MCL.O.: L.O. 3-23-4