Which of the following accounting principles does not help to explain the timing and recognition of revenues and expenses?

A.

matching principle

B.

revenue recognition principle

C.

economic entity concept

D.

time period concept

In a balance sheet, prepared under IFRS guidelines, cash is often shown as one of the last assets listed.

True

False

A key to strong control over petty cash is to ensure that several persons serve as custodian at one time.

True

False

Bad debt expense is a cost to the seller of extending credit.

True

False

Intangible assets ______.

A.

represent assets for which the market value cannot be determined

B.

are not recorded in the books because they have no physical substance

C.

convey special rights from patents, copyrights, trademarks, and other creative works

D.

All of the statements are correct.