Which concept requires? Which concept requires that expenses be reported in thesame period as the revenues they help to generate?a) Revenue Recognition Principleb) Cost Principlec) Matching Principled) Full Disclosure Principle

Explanation of Matching Principle: The Matching Principle requires that expenses be recorded in the…

Answered: Which concept requires that expenses be…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 12MC: Which of the following principles matches expenses with associated revenues in the period in which...

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Similar questions

Define the terms revenue and expense. How are these terms related?
Refer to Exhibit 9.1. Which accounts are relevant in the revenue cycle? Identify the relationships among them.
If a functional expense classification is used for the statement of comprehensive income, what must also be disclosed?
Which of the following is not a criterion to recognize revenue under GAAP? A. The earnings process must be completed. B. A product or service must be provided. C. Cash must be collected. D. GAAP requires that the accrual basis accounting principle be used in the revenue recognition process.
Which of the following principles matches expenses with associated revenues in the period in which the revenues were generated? Group of answer choices 1.revenue recognition principle 2.expense recognition (matching) principle 3.cost principle 4.full disclosure principle
Which accounting principle requires that revenue be recognized when it is earned, regardless of when payment is received? A. Matching Principle B. Revenue Recognition Principle C. Historical Cost Principle D. Full Disclosure Principle
Which of the following concept is also called as Revenue Recognition Concept? O a. Accrual concept Ob. Realization concept Oc Matching concept Od. Disclosure concept
Question: Which accounting principle states that revenue should be recognized when it is earned and expenses when they are incurred? a. Matching principle b. Revenue recognition principle c. Conservatism principle d. Time period principle
As a general rule, revenue is normally recognized when it is: a) Realizable and earned b) Measurable and earned c) Measurable and received d) Realizable and measurable
Which principle?
FINANCIAL/GENERAL ACCOUNTING
Describe presentation and disclosure regarding revenue.

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Which concept requires that expenses be reported in the same period as the revenues they help to generate? a) Revenue Recognition Principle b) Cost Principle c) Matching Principle d) Full Disclosure Principle