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ACC1100 - ACF1100 - Introduction to financial accounting - S1 2025

ACC1100 - ACF1100 - Introduction to financial accounting - S1 2025

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When a service has been performed by a business but no cash has been received, which of the following statements is true:

Income is recorded under accrual accounting

Income is recorded under cash accounting

Income is recorded under both cash accounting and accrual accounting

No income is recorded under cash accounting or accrual accounting

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In relation to cash-basis accounting, which of the following is false?

Recording is focused around the transfer of cash

The approach offers more meaningful information than accrual accounting

It provides a consistent way of recording information

It uses a simple approach to recording income and expenses

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Under accrual accounting, expenses are recorded only:

If they are paid before they are incurred

When they are incurred and paid at the same time

When they are incurred, whether or not cash is paid

If they are paid after they are incurred

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Which of the following statements is false about a drawings ledger account?

It has a normal balance on the debit (left) side

It is increased by debit-side entries

It is increased by credit-side entries

It is decreased by credit-side entries

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Which of the following statements is true about a capital ledger account?

The account is increased by debit-side entries

It has a normal balance on the debit (left) side

The account is decreased by credit-side entries

The account is increased by credit-side entries

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Which of the following statements is false about an asset ledger account?

The account is increased by debit-side entries

It has a normal balance on the debit (left) side

The account is decreased by credit-side entries

The account is increased by credit-side entries

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Which of the following statements is true about a liability ledger account?

The account is increased by debit-side entries

It has a normal balance on the debit (left) side

The account is decreased by credit-side entries

The account is increased by credit-side entries

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Which of the following statements is false about an expense ledger account?

It has a normal balance on the debit (left) side

It is increased by debit-side entries

It is increased by credit-side entries

It is decreased by credit-side entries

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A business received its electricity account for the month of November which showed usage of $100. The account was due to be paid in December. Which of the following is true?

Under accrual accounting, the expense would be recorded in November

Both cash accounting and accrual accounting would record the expense in December

Under cash accounting, the expense would be recorded in November

Both cash accounting and accrual accounting would record the expense in November

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In a service business such as a consulting firm, income is considered earned under accrual accounting:

At the end of the year

When cash is received for the service

At the end of the month

When the service is performed

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