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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

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

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 1MC: Which of the following is not a criterion to recognize revenue under GAAP? A. The earnings process...
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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
Transcribed Image Text: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
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