The Accounting Principle That Requires Revenue to Be Reported When

question 87

Multiple Choice

The accounting principle that requires revenue to be reported when earned is the

• A) Matching principle
• B) Revenue recognition principle
• C) Timeliness principle
• D) Cost principle
• E) Going concern principle

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Definitions:

Cereal

Grain-based food processed or whole, often consumed as breakfast and served either hot or cold, usually in milk or yogurt.

Marginal Cost

The financial outlay for creating an additional unit of a product.

Stand-By Passenger

A traveler waiting without a confirmed seat assignment, hoping to board a flight due to last-minute cancellations or no-shows.

Marginal Cost

The expenditure required to produce a further single unit of a product or service.