The Matching Principle Requires That Expenses Be Matched with Revenues

question 95

True/False

The matching principle requires that expenses be matched with revenues.

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Definitions:

Principles Of Internal Control

Guidelines and procedures put in place by a company to safeguard its assets, ensure the accuracy and reliability of its accounting records, and promote operational efficiency.

Cash Receipts

The collection of money, including currency, checks, and electronic transfers, by a business during a given period.

Receipts Issued

Documents provided to customers or clients as proof of payment for goods or services received.

Bank Reconciliation

The act of reconciling the amounts in a company's bookkeeping records of a cash account with the related details found on a bank statement.