The Expense Recognition Principle Is a Requirement Under Accrual Accounting

question 137

Multiple Choice

The expense recognition principle is a requirement under accrual accounting to record expenses

• A)in the same period as the revenues they generate,not necessarily the period when cash is paid.
• B)in the same period in which cash is paid,not necessarily the period as the revenues they generate.
• C)only as an adjusting entry when needed.
• D)None of the choices are correct.

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Definitions:

Traitors

Individuals who betray trust or allegiance typically to their own country.

Confederacy

Refers to the Confederate States of America, a collection of 11 southern states that seceded from the United States from 1860 to 1865, leading to the American Civil War.

Union

An organization of workers formed to protect and advance their rights and interests; often related to labor rights and collective bargaining.

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Individual rights protected by law from governmental infringement, including freedom of speech, right to privacy, and the right to a fair trial.