Accounting Quizzes-The accounting method in which

Answer to Quiz

The accounting method in which expenses and income are accounted for as they are earned or incurred is referred to as:

Answer: (d), accrual accounting method
"Accrual accounting" is an accounting method that tries to match the recognition of revenues earned with the expenses incurred in generating those revenues. It often ignores the timing of the cash transactions associated with revenues and expenses.

Next Quiz:

Which of the following accounting firms are not in the "Big 4" of accounting firms?

(a) Grant Thornton
(b) Ernst & Young
(c) Deloitte Touche Tohmatsu
(d) PricewaterhouseCoopers

Word of the Day

Loan Origination Fee

A "loan origination fee" is a fee charged by a lender for making a loan. Such a fee is...

Loan Origination Fee

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