Which of the following accounting concepts prescribes that a company record its expenses incurred to generate the revenue reported?

- revenue recognition principle

- business entity assumption

- expense recognition principle

-cost principle

Internal control procedures for cash receipts DO NOT require that

- custody over cash is kept separate from its recordkeeping

- All collections for sales are received immediately upon making the sales

- Clerks having access to cash register should not have access to the register tape or file

-cash sales should be recorded on the cash register at the time of each sale

The Principles of internal control include:

- separate recordkeeping from the custody of assets

- maintain minimal records

- Bond all employees

-require automated sales system