Match Each Statement to the Item Listed Below

question 186

Multiple Choice

Match each statement to the item listed below
-States that revenues and expenses are recorded in the time period received or paid

• A)Accrual basis accounting
• B)Adjusted trial balance
• C)Adjusting entries
• D)Cash basis accounting
• E)Contra accounts
• F)Depreciation
• G)Matching principle
• H)Revenue recognition principle
• I)Time period assumption
• J)Worksheet

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Definitions:

Buyer

An individual or entity that purchases goods or services.

Security Interest

A legal claim or right on property that is created by a security agreement as collateral to secure the performance of an obligation, such as repaying a loan.

Farm Products

Goods produced through agricultural activities, such as crops, livestock, and the products derived from them.

Financing Statement

A document filed by a creditor to give public notice to third parties of the creditor's interest in the debtor's personal property used as collateral.