20).

Match the accounting terminology to the definitions. (Click the icon to view the definitions.) Term Definition 3. 4. Time period concept Revenue recognition principle Matching principle 5. Definitions a. b. Requires companies to record revenue when it satisfies each performance obligation. Assumes that a business's activities can be sliced into small time segments and that financial statements can be prepared for specific periods. Guides accounting for expenses, ensures that all expenses are recorded when they are incurred during the period, and matches those expenses against the revenues of the period. c. Print Done