Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

solve Description Below is a list of concepts in the left column, with a description of the concept in the right column. There are more

solve
image text in transcribed
image text in transcribed
Description Below is a list of concepts in the left column, with a description of the concept in the right column. There are more descriptions provided than concepts. Match the description of the concept to the concept. 1. Cash-basis accounting. 2. Fiscal year. 3. Revenue recognition principle. 4. Expense recognition principle. a. Monthly and quarterly time periods. b. Accountants divide the economic life of a business into artificial time periods. c. Efforts (expenses) should be recognized in the period in which a company uses assets or incurs liabilities to generate accomplishments (revenues). d. Companies record revenues when they receive cash and record expenses when they pay out cash. e. An accounting time period that is one vear in length. a. Monthly and quarterly time periods. b. Accountants divide the economic life of a business into artificial time periods. c. Efforts (expenses) should be recognized in the period in which a company uses assets or incurs liabilities to generate accomplishments (revenues). d. Companies record revenues when they receive cash and record expenses when they pay out cash. e. An accounting time period that is one year in length. f. An accounting time period that starts on January 1 and ends on December 31. g. Companies record transactions in the period in which the events occur. h. Recognize revenue in the accounting period in which a performance obligation is satisfied

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

blur-text-image

Step: 3

blur-text-image

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

Audit Standards A Comparative Analysis

Authors: Walter W. O Willborn

1st Edition

0873890345, 978-0873890342

More Books

Students also viewed these Accounting questions

Question

8. Explain the relationship between communication and context.

Answered: 1 week ago