Numerous timing concepts are discussed on pages 102–103. A list of concepts is provided below in the left column, with a description of the concept in the right column. There are more descriptions provided than concepts. Match the description of the concept to the concept.

  1. ______ Cash-basis accounting.
  2. ______ Fiscal year.
  3. ______ Revenue recognition principle.
  4. ______ Expense recognition principle.

  (a) Monthly and quarterly time periods.
  (b) Accountants divide the economic life of a business into artificial time periods.
  (c) Efforts (expenses) should be matched with accomplishments (revenues).
  (d) Companies record revenues when they receive cash and record expenses when they pay out cash.
  (e) An accounting time period that is one year in length.
  (f) An accounting time period that starts on January 1 and ends on December 31.
  (g) Companies record transactions in the period in which the events occur.
  (h) Recognize revenue in the accounting period in which a performance obligation is satisfied.