Which principle? Which principle dictates that revenue is recognized when earned and expensesare recognized when incurred?a) Cost Principleb) Matching Principlec) Accrual Basis Principled) Consistency Principle

Explanation of Accrual Basis Principle:The Accrual Basis Principle states that revenue should be…

Answered: Which principle dictates that revenue…

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 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
Describe the expense recognition principle (matching principle). Give specifics.
Explain when revenue may be recognized and give an example.
Describe the revenue recognition principle. Give specifics.
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
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
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 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 among the following suits best for Unearned revenue? a. Liability b. Expense c. Revenue d. Asset
Costs that are directly associated with the earning of revenue are recognized as in the same period where the related revenue is recognized. * expense Systematic and rational allocation Immediate recognition O Matching O Cost-benefit
Which one of the following recognises the idea that assets and income should not be overstated while liabilities and expenses should not be understated :A. Matching principle,B. Accrual concept,C. Principle of prudence.D. Consistency concept.

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Which principle dictates that revenue is recognized when earned and expenses are recognized when incurred? a) Cost Principle b) Matching Principle c) Accrual Basis Principle d) Consistency Principle