Expense recognition principle: According to this principle, the expense should be recognized when it is actually incurred, doesn’t matter, payment is made or not. Accountants let the expenses follow the revenue. So, that period of expenses will be match to the period of revenues for which these are recorded. Recognize the expense for the month the revenue is recognized.

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Answer 1

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Chapter 3, Problem 5Q

To determine

Expense recognition principle: According to this principle, the expense should be recognized when it is actually incurred, doesn’t matter, payment is made or not. Accountants let the expenses follow the revenue. So, that period of expenses will be match to the period of revenues for which these are recorded.

Recognize the expense for the month the revenue is recognized.

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Answer 2

Question

Chapter 3, Problem 5Q

To determine

Expense recognition principle: According to this principle, the expense should be recognized when it is actually incurred, doesn’t matter, payment is made or not. Accountants let the expenses follow the revenue. So, that period of expenses will be match to the period of revenues for which these are recorded.

Recognize the expense for the month the revenue is recognized.

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Answer 3

Question

Chapter 3, Problem 5Q

To determine

Expense recognition principle: According to this principle, the expense should be recognized when it is actually incurred, doesn’t matter, payment is made or not. Accountants let the expenses follow the revenue. So, that period of expenses will be match to the period of revenues for which these are recorded.

Recognize the expense for the month the revenue is recognized.

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Check out a sample textbook solution

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Answer 4

Question

Chapter 3, Problem 5Q

To determine

Expense recognition principle: According to this principle, the expense should be recognized when it is actually incurred, doesn’t matter, payment is made or not. Accountants let the expenses follow the revenue. So, that period of expenses will be match to the period of revenues for which these are recorded.

Recognize the expense for the month the revenue is recognized.

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Answer 5

Chapter 3, Problem 5Q

To determine

Expense recognition principle: According to this principle, the expense should be recognized when it is actually incurred, doesn’t matter, payment is made or not. Accountants let the expenses follow the revenue. So, that period of expenses will be match to the period of revenues for which these are recorded.

Recognize the expense for the month the revenue is recognized.

Answer 6

Chapter 3, Problem 5Q

To determine

Expense recognition principle: According to this principle, the expense should be recognized when it is actually incurred, doesn’t matter, payment is made or not. Accountants let the expenses follow the revenue. So, that period of expenses will be match to the period of revenues for which these are recorded.

Recognize the expense for the month the revenue is recognized.

Answer 7

Chapter 3, Problem 5Q

To determine

Expense recognition principle: According to this principle, the expense should be recognized when it is actually incurred, doesn’t matter, payment is made or not. Accountants let the expenses follow the revenue. So, that period of expenses will be match to the period of revenues for which these are recorded.

Recognize the expense for the month the revenue is recognized.

Answer 8

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Answer 9

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Answer 11

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