MCQ 4 MARKS Which principle requires that expenses are recorded in thesame period as the revenue they help generate?a) Revenue Recognition Principleb) Cost Principlec) Matching Principled) Consistency Principle

Explanation of Matching Principle: The Matching Principle is an accounting rule that ensures…

Answered: Which principle requires that expenses…

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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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
Define the terms revenue and expense. How are these terms related?
Refer to Exhibit 9.1. Which accounts are relevant in the revenue cycle? Identify the relationships among them.
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Provide answer
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 of the following concept is also called as Revenue Recognition Concept? O a. Accrual concept Ob. Realization concept Oc Matching concept Od. Disclosure concept
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Which type of revenue activity is correctly matched with the revenue recognition method? Which type of revenue activity is correctly matched with the revenue recognition method:Answer: The revenue activity which is measurable and earned are correctly matched withrevenue recognition...
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
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
Describe the Fundamental Issues Related to Recognizing Revenue.

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Which principle requires that expenses are recorded in the same period as the revenue they help generate? a) Revenue Recognition Principle b) Cost Principle c) Matching Principle d) Consistency Principle