A company pays \$12,000 for a one-year rental agreement starting January 1. How much expense should be recorded for the month of January?

Which of the following is considered revenue from core business activities for a t-shirt company?

A company pays \$24,000 for a two-year insurance policy. How should the expense be recorded for the first year?

Under GAAP, when should a tutoring company recognize revenue for a completed tutoring session?

Which accounting method records transactions based on when cash is exchanged?

A company uses office supplies worth \$500 from its inventory. How should this be recorded?

Which of the following scenarios represents an expense incurred by using up an asset?

A bakery sells its delivery van. How should this transaction be classified?

A company that manufactures furniture sells a delivery truck used for transporting goods. How should this transaction be classified?

Which accounting method records revenue when it is earned and expenses when they are incurred, regardless of cash flow?