The Matching Principle Includes Two Steps

question 74

Multiple Choice

The matching principle includes two steps:

• A)measure the expenses and record the revenue.
• B)identify all the expenses incurred during the accounting period and measure the expenses and match them against the revenue earned.
• C)when to record revenue and the amount of revenue to record,
• D)when to record the revenue and identify all the expenses incurred during the accounting period.

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Definitions:

Competencies

A combination of skills, knowledge, and abilities that enable a person to perform tasks successfully.

Interpreting the World

The cognitive process of making sense of the environment and events around us, often influenced by personal experiences, culture, and cognitive biases.

Behavior Regulation

The process of controlling, guiding, and managing one's actions and reactions in accordance with social or personal expectations.

Personal Value Structures

The organization and hierarchy of an individual's values, reflecting what they find most important or significant in life.