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?

AExpense recognition and matching

BRevenue recognition and matching

CRevenue recognition and measurement

DCost and materiality

Show Suggested Answer

Suggested Answer: B

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

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Diane

3 days 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

4 days ago

I believe it's actually about revenue recognition and matching.

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Fairy

5 days ago

I agree with Carman, it's about recognizing expenses and matching them.

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Carman

6 days ago

I think the guiding principles are expense recognition and matching.

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Mi

11 days 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

13 days 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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Catrice

2 days ago

B) Revenue recognition and matching

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Kaitlyn

4 days ago

A) Expense recognition and matching

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Edwin

14 days ago

I think it's both revenue recognition and matching, and expense recognition and matching.

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Joseph

18 days 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

4 days ago

User 2: I agree, revenue recognition and matching are key principles in accrual accounting.

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Eugene

6 days ago

User 1: I think the two guiding principles are expense recognition and matching.

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Emily

1 months ago

I believe it's actually about revenue recognition and matching.

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Margot

1 months ago

I agree with Penney, it's about recognizing expenses and matching them.

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Penney

1 months ago

I think the guiding principles are expense recognition and matching.

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Timothy

1 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

11 days ago

It's important to properly record expenses to reflect the true financial position of a company.

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Wilda

14 days ago

Definitely, those principles help ensure accurate financial reporting.

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Janey

20 days ago

I agree, expense recognition and matching are crucial in accrual accounting.

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Shawna

2 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

13 days ago

It's important to properly recognize revenue to show the true financial position of the company.

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Margart

17 days ago

It's important to follow these principles to accurately reflect the financial position of a company.

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Eliz

19 days ago

Yes, those principles ensure that expenses and revenues are properly recorded in the correct period.

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Paola

19 days ago

Yes, those principles help ensure that financial statements accurately reflect the company's performance.

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Earleen

20 days ago

I agree, revenue recognition and matching are essential in accrual accounting.

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Mila

1 months ago

I agree, revenue recognition and matching are key principles in accrual accounting.

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