Accrual vs Cash Basis Quiz
Quick checks on principles, practical effects, and common misconceptions when using accrual or cash accounting.
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Quiz Questions & Answers
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Question 1: What is the core timing difference between accrual and cash basis accounting?
Record when revenue and expenses are earned or incurred, not when cash moves
Record revenues at sale and expenses at tax filing
Only record transactions when cash is deposited into the bank
Question 2: When is revenue recorded under the accrual basis?
When cash is received
When the sale is made
When expenses are paid
Question 3: Which method provides a more accurate picture of financial performance?
Cash basis
Accrual basis
Both are equally accurate