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Encircle The Letter of The Correct Answer
Encircle The Letter of The Correct Answer
College of Engineering IE 32
Industrial Engineering Department
Name: _____________________________________________________ Score: ___________
a. Cash Is Received
b. Service Or Goods Have Been Delivered
4. Under the accrual basis of accounting, expenses are reported in the accounting period when the
Cash Is Paid
a. Expense Matches
b. The Revenues Or Is Used Up
III. Prepare a Balance Sheet with the following accounts. (NOTE: the accounts
below are entirely different and not connected with the accounts above from
the Income statement).