Do It! Review 4-1 A list of concepts are provided below Select the appropriate description for the concept. 1. Cash-basis accounting 2. Fiscal year. 3. Revenue recognition principle 4. Expense recognition principle. Monthly and quarterly time periods. An accounting time period that starts on January 1 and ends on December 31. Efforts (expenses) should be matched with accomplishments (revenues). . Companies record revenues when they receive cash and record expenses when they pay out cash. Accountants divide the economic life of a business into artificial time periods. An accounting time period that is one year in length. Companies record transactions in the period in which the events occur Recognize revenue in the accounting period in which a performance obligation is satisfied. LINK TO TEXT