Accounting principles (Learning Objectives 1 & 2) 5–10 min.

Match the accounting term with the corresponding definition.

____ 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.

AppendixLO1