The Matching Principle Requires That Revenue Be Assigned to the Accounting

question 199

True/False

The matching principle requires that revenue be assigned to the accounting period in which it is earned.

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Definitions:

Minor

A person under the legal age of adulthood, which varies by jurisdiction but is commonly 18 years old.

Contract Disaffirmance

The act of rejecting or declaring a contract void, often used in cases where one of the parties was incapacitated or a minor at the time of agreement.

Affirmed

A legal term used when a higher court has confirmed or upheld the decision of a lower court.

Express Ratification

The explicit approval or confirmation by a principal of an act or contract performed or entered into on their behalf by an agent.