answers to 1-7

expenses have changed in 1. Describe how definitions of income, revenues, and expenses have statements issued by successive standard-setting bodies. 2. Four points in the revenue cycle, from production through to cash coll possible events for revenue recognition. What relevant circumstances in uniformity rather than rigid uniformity for revenue recognition. approach is used in practice? Explain. ough to cash collection, are elevant circumstances justify finite for revenue recognition, and which 3. What is the matching concept, and why is there an implied hierarchy for expensel recognition? 4. Why is there no matching problem for periodic costs? Provide some examples 5. What types of costs present matching problems, how are they dealt with, and what are some examples of such costs? 6. There has been a trend toward rigid uniformity in the format of the income state- ment. Explain how and why this has occurred