? WHICH PRINCIPLE DICTATES THAT ABUSINESS SHOULD REPORT REVENUE WHEN ITIS EARNED AND EXPENSES WHEN THEY AREINCURRED?A. MATCHING PRINCIPLEB.C.D.REVENUE RECOGNITION PRINCIPLECOST PRINCIPLEACCRUAL PRINCIPLE

Concept of Accrual Principle:The accrual principle states that revenues should be recorded when they…

Answered: WHICH PRINCIPLE DICTATES THAT A…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 1Q: Describe the revenue recognition principle. Give specifics.

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Similar questions

Explain when revenue may be recognized and give an example.
Describe the expense recognition principle (matching principle). Give specifics.
Which 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
MCQ
I want accurate answer ☑
FINANCIAL/GENERAL ACCOUNTING
Service revenue belongs on which financial statement?
Provide answer
Which accounting principle requires that expenses be recorded in the same period as the revenues they help generate?A. Cost PrincipleB. Revenue Recognition PrincipleC. Matching PrincipleD. Full Disclosure Principle
Which of the following best represents the matching principle criteria? A. Expenses are reported in the period in which they were incurred. B. Expenses may be reported in a different period than the matching revenues. C. Revenue and expenses are matched based on when expenses are paid. D. Revenue is recognized when an order occurs and not when the actual sale is initiated.
Define the terms revenue and expense. How are these terms related?

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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. C. D. REVENUE RECOGNITION PRINCIPLE COST PRINCIPLE ACCRUAL PRINCIPLE