The matching principle in accounting requires the matching of debits and credits.

Question

Want to see more full solutions like this?

Answer 1

Textbook Question

Chapter 5, Problem 1TF

The matching principle in accounting requires the matching of debits and credits.

Expert Solution & Answer

To determine

Identify whether the given statement is true or false.

Answer to Problem 1TF

False statement.

Explanation of Solution

Matching principle: According to this principle, the expense should be recognized when it is actually incurred, doesn’t matter, payment is made or not. This principle ensures that the expenses incurred in the current period are matched against the revenues earned in the same period. Matching principle is sometimes called as expense recognition principle.

The matching principle helps in matching the revenue earned during the year with the respective expense incurred to produce the revenue.

Therefore, for the given statement “The matching principle in accounting requires the matching of debit and credits” is false.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

What is the net income for the year

General accounting

Sub. General accounting

Answer 2

Textbook Question

Chapter 5, Problem 1TF

The matching principle in accounting requires the matching of debits and credits.

Expert Solution & Answer

To determine

Identify whether the given statement is true or false.

Answer to Problem 1TF

False statement.

Explanation of Solution

Matching principle: According to this principle, the expense should be recognized when it is actually incurred, doesn’t matter, payment is made or not. This principle ensures that the expenses incurred in the current period are matched against the revenues earned in the same period. Matching principle is sometimes called as expense recognition principle.

The matching principle helps in matching the revenue earned during the year with the respective expense incurred to produce the revenue.

Therefore, for the given statement “The matching principle in accounting requires the matching of debit and credits” is false.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Textbook Question

Chapter 5, Problem 1TF

The matching principle in accounting requires the matching of debits and credits.

Expert Solution & Answer

To determine

Identify whether the given statement is true or false.

Answer to Problem 1TF

False statement.

Explanation of Solution

Matching principle: According to this principle, the expense should be recognized when it is actually incurred, doesn’t matter, payment is made or not. This principle ensures that the expenses incurred in the current period are matched against the revenues earned in the same period. Matching principle is sometimes called as expense recognition principle.

The matching principle helps in matching the revenue earned during the year with the respective expense incurred to produce the revenue.

Therefore, for the given statement “The matching principle in accounting requires the matching of debit and credits” is false.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Textbook Question

Chapter 5, Problem 1TF

The matching principle in accounting requires the matching of debits and credits.

Expert Solution & Answer

To determine

Identify whether the given statement is true or false.

Answer to Problem 1TF

False statement.

Explanation of Solution

Matching principle: According to this principle, the expense should be recognized when it is actually incurred, doesn’t matter, payment is made or not. This principle ensures that the expenses incurred in the current period are matched against the revenues earned in the same period. Matching principle is sometimes called as expense recognition principle.

The matching principle helps in matching the revenue earned during the year with the respective expense incurred to produce the revenue.

Therefore, for the given statement “The matching principle in accounting requires the matching of debit and credits” is false.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

Identify whether the given statement is true or false.

Answer to Problem 1TF

False statement.

Explanation of Solution

Matching principle: According to this principle, the expense should be recognized when it is actually incurred, doesn’t matter, payment is made or not. This principle ensures that the expenses incurred in the current period are matched against the revenues earned in the same period. Matching principle is sometimes called as expense recognition principle.

The matching principle helps in matching the revenue earned during the year with the respective expense incurred to produce the revenue.

Therefore, for the given statement “The matching principle in accounting requires the matching of debit and credits” is false.

Answer 8

Expert Solution & Answer

To determine

Identify whether the given statement is true or false.

Answer to Problem 1TF

False statement.

Explanation of Solution

Matching principle: According to this principle, the expense should be recognized when it is actually incurred, doesn’t matter, payment is made or not. This principle ensures that the expenses incurred in the current period are matched against the revenues earned in the same period. Matching principle is sometimes called as expense recognition principle.

The matching principle helps in matching the revenue earned during the year with the respective expense incurred to produce the revenue.

Therefore, for the given statement “The matching principle in accounting requires the matching of debit and credits” is false.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

Identify whether the given statement is true or false.

Answer 12

Answer to Problem 1TF

False statement.

Answer 13

Explanation of Solution

Matching principle: According to this principle, the expense should be recognized when it is actually incurred, doesn’t matter, payment is made or not. This principle ensures that the expenses incurred in the current period are matched against the revenues earned in the same period. Matching principle is sometimes called as expense recognition principle.

The matching principle helps in matching the revenue earned during the year with the respective expense incurred to produce the revenue.

Therefore, for the given statement “The matching principle in accounting requires the matching of debit and credits” is false.

Answer 14

Ch. 5 - The matching principle in accounting requires the...Ch. 5 - Prob. 2TF Ch. 5 - LO1 As part of the adjustment of supplies, an...Ch. 5 - LO1 Depreciable cost is the difference between the...Ch. 5 - LO1 The purpose of depreciation is to record the...Ch. 5 - LO1 The purpose of depreciation is to (a) spread...Ch. 5 - Prob. 2MC Ch. 5 - Prob. 3MC Ch. 5 - Prob. 4MC Ch. 5 - The first step in preparing a work sheet is to (a)...

The matching principle in accounting requires the matching of debits and credits.

Videos

Answer to Problem 1TF

Explanation of Solution

Want to see more full solutions like this?

Chapter 5 Solutions