The Expense Recognition Principle States That Expenses Should Be Matched

question 193

Multiple Choice

The expense recognition principle states that expenses should be matched with revenues.Another way of stating the principle is to say that

• A)assets should be matched with liabilities.
• B)efforts should be matched with accomplishments.
• C)owner withdrawals should be matched with owner contributions.
• D)cash payments should be matched with cash receipts.

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Definitions:

Logical Evaluation

The process of systematically assessing the validity or soundness of conclusions based on a set of premises or facts.

Ethical Guidelines

A set of principles designed to guide decision-making and conduct when ethical issues arise, often used in professional and research contexts to ensure integrity and protect welfare.

Pain And Suffering

The physical discomfort and emotional distress that one may experience due to injury, illness, or loss.

Reasoned Judgments

Decisions or opinions formed based on careful thought, consideration, and evaluation of evidence.