Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Feb 16, 2023

Cost or expenses must be recorded at the same time as the revenue to which they correspond is specified by which principle? (a) Matching Principle

Cost or expenses must be recorded at the same time as the revenue to which they correspond is specified by which principle?

(a) Matching Principle

(b) Going Concern Principle

(d) Prudence Principle

Step by Step Solution

★★★★★

3.39 Rating (152 Votes )

There are 3 Steps involved in it

Step: 1

The detailed answer for the above question is provided below A... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction to Governmental and Not for Profit Accounting

Authors: Martin Ives, Terry K. Patton, Suesan R. Patton

7th edition

9780132776073, 132776014, 978-0132776011

More Books

Students also viewed these Accounting questions

Question

★★★★★

At the same time as new hires were taking place, many retailers were cutting back. Out of 1,000 Kwik Save stores in Britain, 107 were to be closed. Out of 424 Somerfield stores, 424 were to be...

Answered: 1 week ago

Question

★★★★★

At the same time as compound-interest Canada Savings Bonds were being sold with guar- anteed minimum annual rates of 5.25%, 6%, and 6.75% in the first 3 years of their 10-year term, a trust company...

Answered: 1 week ago

Question

★★★★★

Audit firms must be profitable and at the same time manage audit risk at a sufficient level to remain in business. Explain the tension between "making money" and managing the risk of the audit firm,...

Answered: 1 week ago

Question

★★★★★

In MySQL, Useing ClassicModels database below, how do I script it to display ProductLine total_sales by region like this; a. Region-1 i. Productline-1 ---- Total Sales ii. Productline-2 ---- Total...

Answered: 1 week ago

Question

★★★★★

Boulder Mines paid $425,000 for the right to extract ore from a 250,000-ton mineral deposit. In addition to the purchase price, Boulder Mines also paid a $110 filing fee, a $2,000 license fee to the...

Answered: 1 week ago

Question

★★★★★

An auditor decided to confirm accounts payable to accomplish a low level of detection risk for the completeness assertion. Which of the following is the most reasonable sampling plan? a. Confirm...

Answered: 1 week ago

Question

★★★★★

List the advantages of a multimethod assessment approach when conducting a psychological evaluation.

Answered: 1 week ago

Question

★★★★★

Wheels, Inc. manufactures wheels for bicycles, tricycles, and scooters. For each cost given below, determine if the cost is a product cost or a period cost. If the cost is a product cost, further...

Answered: 1 week ago

Question

★★★★★

How to building a parser using flex and bison There is a simple demo about the program This will be in C#. Enter your code in the console below to check the syntax. Type 'exit' to quit! a-1; b -2;...

Answered: 1 week ago

Question

★★★★★

The worm shaft shown in part a of the figure transmits 1.2 hp at 500 rev/min. A static force analysis gave the results shown in part b of the figure. Bearing A is to be an angular-contact ball...

Answered: 1 week ago

Question

★★★★★

14 (4 points) What would be the contents of the q2 queue after executing the following code? q1 = aQueue( ) 2 q2 = aQueue( ) 5 = aStack( ) 4 q1. enqueue ( 'C' ) q1 . enqueue ( 'D' ) q1. e

Answered: 1 week ago

Question

★★★★★

Activity 2 - De Leon, Prob 8, Chap 11 A company manufactures three products in a joint production process. The three products X, Y and Z. No by-product is produced in the process. Additional...

Answered: 1 week ago

Question

★★★★★

QUESTION 4 (25 MARKS) a. You have made your decision to choose UNISEL to further your study. Using your current experience of using UNISEL service, interpret how the tri- component attitude model...

Answered: 1 week ago

Question

★★★★★

Hugh Payne operates a fishing resort in Nome Alaska. Depreciation on the resort buildings is $6,000 per year. Real estate taxes are $8,000 per year. General property insurance is $9,000 per year....

Answered: 1 week ago

Question

★★★★★

An indoor air conditioning unit has a lifetime that is exponentially distributed with the mean of 730 days. When such air conditioning unit stops functioning, it is replaced immediately. a. What is...

Answered: 1 week ago

Question

★★★★★

Weighted average accumulated expenditures are $1,200,000 on a project for which work steadily progressed during the current year. The following debt was outstanding during the current year....

Answered: 1 week ago

Question

★★★★★

What are the key considerations in optimizing separation processes in chemical engineering, such as distillation, membrane filtration, and adsorption, to achieve desired purity and efficiency?

Answered: 1 week ago

Question

★★★★★

What is the shape of the exponential distribution?

Answered: 1 week ago

Question

★★★★★

Fort Chessie maintains a policy that its Internal Service Funds operate on a break- even basis; that is, revenues must equal expenses. Did the Motor Pool Fund illustrated in this chapter operate at a...

Answered: 1 week ago

Question

★★★★★

How are pledges that are expected to be uncollectible reported in the financial statements of NFPOs.

Answered: 1 week ago

Question

★★★★★

Leisure City maintains a Pension Trust Fund for its employees. Following is a trial balance for the fund at December 31, 2011: The following transactions took place during 2012: 1. Both Leisure City...

Answered: 1 week ago

Question

★★★★★

Burger Master bought the food concession for a baseball stadium for five years at a price of $1.2 million. If the operating profit is $400,000 per year, what IRR will Burger Master realize on its...

Answered: 1 week ago

Question

★★★★★

A venture requiring an immediate investment of $500,000 and an additional investment of $200,000 three years from now will generate annual profits of $150,000 for seven years starting in the first...

Answered: 1 week ago

Question

★★★★★

A machine can be leased for four years at $1000 per month payable at the beginning of each month. Alternatively, it can be purchased for $45,000 and sold for $5000 after four years. Should the...

Answered: 1 week ago

Previous Question Next Question