Match the accounting term with the corresponding definition. ____ 1. Accrual-basis accounting ____ 2. Matching principle ____
Question:
____ 1. Accrual-basis accounting
____ 2. Matching principle
____ 3. Revenue recognition principle
____ 4. Fiscal period
a. Any consecutive 12-month period.
b. Records the impact of a business event as it occurs regardless of whether the transaction affected cash.
c. Records expenses when incurred to sell goods or provide services.
d. Records revenue when it is earned.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Question Posted: