Need Answer Which principle states that a companyshould use the same accountingmethods from period to period?a) Revenue Recognition Principleb) Matching Principlec) Consistency Principled) Full Disclosure Principle

Explanation of Revenue Recognition Principle:The Revenue Recognition Principle states that revenue…

Answered: Which principle states that a company…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter2: Financial Reporting: Its Conceptual Framework

Section: Chapter Questions

Problem 6MC

See similar textbooks

Similar questions

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 of the following statements is true? Under cash-basis accounting, revenues are recorded when a company satisfies its performance obligations and expenses are recorded when incurred. Accrual-basis accounting records both cash and noncash transactions when they occur. Generally accepted accounting principles require companies to use cash-basis accounting. The key elements of accrual-basis accounting are the revenue recognition principle, the expense recognition principle, and the historical cost principle.
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 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
When a company recognizes revenue during a period, what does it also recognize in its balance sheet?
Explanation
Which of the following accounting principles prescribes that a company record its ex- penses incurred to generate the revenue reported? A) Going-concern assumption. B) Expense recognition (Matching) principle. C) Measurement (Cost) principle. D) Business entity assumption. E) Consideration assumption.
IFRS requires companies to use which method for reporting changes in accounting policies? a. Cumulative effect approach. b. Retrospective approach. c. Prospective approach. d. Averaging approach.
Answer this Accounting question
Ans
Which principle states that financial statements should be based on verifiable or factual information? a) Revenue Recognition Principle b) Objectivity Principle e) Matching Principle d) Consistency Principle
FINANCIAL/GENERAL ACCOUNTING

SEE MORE QUESTIONS

Recommended textbooks for you

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Contemporary Auditing

Accounting

ISBN:

9781337650380

Author:

KNAPP

Publisher:

Cengage

SEE MORE TEXTBOOKS

Which principle states that a company should use the same accounting methods from period to period? a) Revenue Recognition Principle b) Matching Principle c) Consistency Principle d) Full Disclosure Principle