Question
The accounting principle that requires the matching of revenues and expenses is called the ......................................................................................... matching concept 1. The expense associated with the decrease in
The accounting principle that requires the matching of revenues and expenses is called the ......................................................................................... | matching concept |
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1. The expense associated with the decrease in economic usefulness of a fixed asset with the passage of time is ............................................................. |
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2. Accumulated depreciation accounts that are offset against fixed asset accounts are ......................................................................................................... |
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3. The updating of accounts at the end of the accounting period is called ..... |
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4. The journal entries made at the end of the accounting period to properly match revenues and expenses are called ...................................................... |
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5. Payments that have been initially recorded as assets but are expected to become expenses through the normal operations of the business are called ..................................................................................................................... |
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6. Revenues that have been earned but have not been recorded in the accounts are called ............................................................................................. |
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