Senior Accrual Basis

Test your Senior-level Accrual Basis skills in Accounting Principles Standards. This timed assessment evaluates your expertise in Accounting.

Duration: 5 minutes

•40 questions

Time Remaining: 05:00

Progress: 0%

40 questions remaining

Question 1 of 40Assessment

A magazine publisher receives a two-year subscription payment upfront. The accrual principle requires the company to initially record this cash receipt as:

A. Subscription Revenue on the income statement for the full amount.

B. A current liability (Unearned Revenue) on the balance sheet.

C. A direct increase to Retained Earnings, bypassing the income statement.

D. A reduction of Subscription Expense on the income statement.

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