Right answer Which principle dictates that a business shouldreport revenue when it is earned and expenseswhen they are incurred?a) Matching Principleb) Revenue Recognition Principlec) Accrual Principled) Cost Principle

Explanation of Matching Principle:The matching principle is an accounting concept that requires…

Answered: Which principle dictates that a…

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

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? A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principle
Which of the following is the principle that a company must recognize revenue in the period in which it is earned; it is not considered earned until a product or service has been provided? A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principle
Define the terms revenue and expense. How are these terms related?
What are the two most often used ways of accounting for revenue from by-products?
Refer to Exhibit 9.1. Which accounts are relevant in the revenue cycle? Identify the relationships among them.
Which of the following is the principle that a business must report any business activities that could affect what is reported on the financial statements? A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. 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
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
FINANCIAL/GENERAL ACCOUNTING
Which principle?
Matching Concept: Expenses & Revenues How does sales salaries expense directly relate to revenue? Please explain.

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Which principle dictates that a business should report revenue when it is earned and expenses when they are incurred? a) Matching Principle b) Revenue Recognition Principle c) Accrual Principle d) Cost Principle