True or False The purpose of adjusting entries is to assign appropriate portion of revenue and profit to the appropriate accounting period. * O True false

Explain an example to record the adjusting entry for accrued revenue.

Multiple Choice Question There is a cause-and-effect relationship between revenues and expenses that dictates: O when costs are recognized as expenses in the income statement. O where in the income statement expenses should be presented. O when revenues are recognized in the income statement. O the ordering of assets and liabilities in the balance sheet.

Which accounting principle requires that expenses be matched with revenues? a) Revenue Recognition Principle b) Matching Principle c) Historical Cost Principle d) Full Disclosure Principle

Which of the following accounting principles requires that expenses be recognized in the same period as the revenue they helped to generate? A) Matching principle B) Conservatism principle C) Revenue recognition principle D) Cost-benefit principle