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NBAA Accounting Technician (ATEC) Accounting — practice by topic

Browse 30 questions across 3 Accounting topics. Choose what you want to revise, then open a question to check its answer and worked solution.

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Accounting topics

Accounting (30)Adjusting Entries (30)Financial Accounting (30)

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A firm records revenue in the period it was earned rather than when cash arrives. That method is:Read the answer and worked solution →A small firm records nothing until money actually changes hands. That method is:Read the answer and worked solution →A government body blends accrual and cash methods. That approach is called modified:Read the answer and worked solution →A method used to establish the tax effects of transactions is called tax:Read the answer and worked solution →

Worked practice questions

A firm records revenue in the period it was earned rather than when cash arrives. That method is:

  1. Accrual
  2. Adjacent
  3. Additive
  4. Adaptive
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Correct answer: A. Accrual

1. The trigger for recording is the earning of the revenue. 2. Receipt of cash may come earlier or later. 3. That method is accrual accounting. _Source: OpenStax Principles of Financial Accounting, Chapter 4, The Adjustment Process._

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A small firm records nothing until money actually changes hands. That method is:

  1. Card basis
  2. Cash basis
  3. Case basis
  4. Cost basis
Show answer and solution

Correct answer: B. Cash basis

1. No entry is made when a service is performed on credit. 2. The exchange of cash is what triggers the record. 3. That method is cash basis accounting. _Source: OpenStax Principles of Financial Accounting, Chapter 4, The Adjustment Process._

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A government body blends accrual and cash methods. That approach is called modified:

  1. Accrual
  2. Adjacent
  3. Additive
  4. Adaptive
Show answer and solution

Correct answer: A. Accrual

1. Neither pure method suits public sector reporting. 2. The two are merged instead. 3. That approach is modified accrual accounting. _Source: OpenStax Principles of Financial Accounting, Chapter 4, The Adjustment Process._

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