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SLO-1.1. The principle of Accounting that requires revenue recorded as soon as it is earned is called the OMatching Principle OCost Principle ORevenue Recognition Principle OFull Disclosure Principle

SLO-1.1. The principle of Accounting that requires revenue recorded as soon as it is earned is called the OMatching Principle OCost Principle ORevenue Recognition Principle OFull Disclosure Principle

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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SLO-1.1. The principle of Accounting that requires revenue recorded as soon as it is earned is called the * OMatching Principle OCost Principle ORevenue Recognition Principle. OFull Disclosure Principle SLO-1.2. The principle requires that expenses be allocated to the period that they helped create income. * OMatching Principle OCost Principle ORevenue Recognition Principle OFull Disclosure Principle SLO-1.3. The business entity concept means that * OThe owner is part of the business entity. OAn entity is organized according to state or federal statues. OAn entity is organized according to set by FASB. OThe entity is an individual economic unit for which data are recorded, analyzed, and reported. SLO-2.1. All of the following are required steps in the accounting cycle except: OJournalizing and posting closing entries OPreparing financial statements OJournalizing the transactions OPreparing the worksheet
Transcribed Image Text:SLO-1.1. The principle of Accounting that requires revenue recorded as soon as it is earned is called the * OMatching Principle OCost Principle ORevenue Recognition Principle. OFull Disclosure Principle SLO-1.2. The principle requires that expenses be allocated to the period that they helped create income. * OMatching Principle OCost Principle ORevenue Recognition Principle OFull Disclosure Principle SLO-1.3. The business entity concept means that * OThe owner is part of the business entity. OAn entity is organized according to state or federal statues. OAn entity is organized according to set by FASB. OThe entity is an individual economic unit for which data are recorded, analyzed, and reported. SLO-2.1. All of the following are required steps in the accounting cycle except: OJournalizing and posting closing entries OPreparing financial statements OJournalizing the transactions OPreparing the worksheet
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