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1.Which of the following is not a characteristic of the accrual basis of accounting?
1.Which of the following is not a characteristic of the accrual basis of accounting?
a.Revenues are reported on the income statement in the period in which they are earned.
b.The accrual basis of accounting supports the matching concept.
c.Revenues and expenses are reported in the period in which cash is received or paid.
d.Expenses are reported in the same period as the revenues to which they relate.
2.By matching revenue earned during the accounting period to related incurred expenses,
a.net income or loss will not be determined
b.net income or loss will always be underestimated
c.net income or loss will always be overestimated
d.net income or loss will be properly reported on the income statement
4.The difference between the balance of a fixed asset account and the related accumulated depreciation account is termed
a.historical cost
b.book value
c.contra asset
d.market value
