Match the description to the concept. Concept 1 Cash-basis accounting 2 Fiscal year. 3 Revenue recognition principle 4 Expense recognition principle eTextbook and Media Save for Later Description Recognize efforts (expenses) In the period in which a company uses assets or incurs fablities to generate accomplishments frem Companies record revenues when they receive cash and record expenses when they pay out cash An accounting time period that fix one year in length An accounting time period that starts on January 3 and ends on December 31 Accountants divide the economic Ble of a business Into artificial time periods Monthly and quarterly time periods Companies record transactione In the period in which the events occur Recognize revenue in the accounting period in which a performance obligation Is carlahed Attempts: 0 of 3 used Submit Answer