Matts Painting painted an apartment buliding for $50,000 in December 2023 . In December, Matt incurred total expenses (painf and laber) of $20,000 which he paid, but Malt did not receive the $50,000 paymont for the apartment bulding job until February 2024 . Matt detormined that his net income (loss) for Decomber 2023 was (\$20,000) This is an example of: Accrual accounting Fair value principle Historical cost principle Cash basis accounting 3 points The planned timing of revenues, expenses, gains, and losses to smooth out fluctuations in net income is known as accrual accounting. carnings management. cash basis accountine. relevance