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Worldatwork Exam T7 Topic 2 Question 111 Discussion

Actual exam question for Worldatwork's T7 exam
Question #: 111
Topic #: 2
[All T7 Questions]

What are the two guiding principles of accrual accounting?

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Suggested Answer: B

by Mozell at May 04, 2025, 10:59 PM

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Diane
2 months ago
I think the correct answer is B) Revenue recognition and matching because it ensures that revenues are recorded when earned and expenses are matched to the same period.
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Carlota
2 months ago
I believe it's actually about revenue recognition and matching.
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Fairy
2 months ago
I agree with Carman, it's about recognizing expenses and matching them.
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Carman
2 months ago
I think the guiding principles are expense recognition and matching.
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Mi
2 months ago
Haha, I'm just hoping the exam doesn't ask about the 'guiding principles of cash accounting' - that would really throw me for a loop!
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Jamika
2 months ago
D all the way! Cost and materiality are where it's at. Who needs all that fancy revenue and expense stuff?
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Carin
2 months ago
C) Revenue recognition and measurement
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Catrice
2 months ago
B) Revenue recognition and matching
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Kaitlyn
2 months ago
A) Expense recognition and matching
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Edwin
2 months ago
I think it's both revenue recognition and matching, and expense recognition and matching.
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Joseph
2 months ago
Hmm, I'm torn between B and C. Revenue recognition is definitely a key principle, but the matching part is crucial too.
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Merilyn
2 months ago
User 2: I agree, revenue recognition and matching are key principles in accrual accounting.
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Eugene
2 months ago
User 1: I think the two guiding principles are expense recognition and matching.
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Emily
3 months ago
I believe it's actually about revenue recognition and matching.
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Margot
3 months ago
I agree with Penney, it's about recognizing expenses and matching them.
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Penney
3 months ago
I think the guiding principles are expense recognition and matching.
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Timothy
3 months ago
Gotta go with A on this one. Expense recognition and matching are the true guiding principles, no doubt about it.
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Deja
2 months ago
It's important to properly record expenses to reflect the true financial position of a company.
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Wilda
2 months ago
Definitely, those principles help ensure accurate financial reporting.
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Janey
2 months ago
I agree, expense recognition and matching are crucial in accrual accounting.
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Shawna
3 months ago
Option B seems like the way to go. Revenue recognition and matching are the cornerstones of accrual accounting.
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Oretha
2 months ago
It's important to properly recognize revenue to show the true financial position of the company.
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Margart
2 months ago
It's important to follow these principles to accurately reflect the financial position of a company.
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Eliz
2 months ago
Yes, those principles ensure that expenses and revenues are properly recorded in the correct period.
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Paola
2 months ago
Yes, those principles help ensure that financial statements accurately reflect the company's performance.
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Earleen
2 months ago
I agree, revenue recognition and matching are essential in accrual accounting.
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Mila
3 months ago
I agree, revenue recognition and matching are key principles in accrual accounting.
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