Under accrual basis accounting revenue are recognized

Assignment Help Financial Accounting

Reference no: EM131292087

1. Under accrual basis accounting revenue are recognized when and expense are recognized when _______.

Inccured; earned

Earned; incurred

cash is paid; cash is received

cash is recieved; cash is paid

2. Which of the following is a capital expenditure?

Sales tax paid in conjunction with the purchase of office equipment.

Monthly rent of a delivery truck.

Monthly fuel costs for a truck owned by the company.

Small expenditures to acquire long-lived assets, such as $13 to purchase a wastebasket.

Reference no: EM131292087

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