Check for Understanding: Types of Accounting

Check for Understanding: Types of Accounting

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Question 1 of 4

1. Question
Which of the following is true about accrual accounting?
- Revenue and expenses are recorded only when cash is received or paid
- Revenue and expenses are recorded when they are earned or incurred, regardless of when cash is received or paid
- Accrual accounting is only required for small businesses
- Accrual accounting is not used for financial reporting under GAAP and IFRS
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Question 2 of 4

2. Question
Which of the following is an advantage of accrual accounting?
- It is easier to manage for small businesses
- It provides a more accurate representation of a company's financial performance over a given period of time
- It is only required for larger businesses
- It only recognizes cash transactions
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Question 3 of 4

3. Question
Which type of accounting is generally required for larger businesses under GAAP and IFRS?
- Cash accounting
- Accrual accounting
- Tax accounting
- Managerial accounting
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Question 4 of 4

4. Question
Why is cash accounting allowed for small businesses in some jurisdictions?
- It is more accurate than accrual accounting
- It is easier to manage for small businesses with fewer financial transactions
- It is required by tax authorities
- It provides a more detailed picture of a company's financial health
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