The Matching Principle Requires That Interest Expense Not Be Accrued

question 142

True/False

The matching principle requires that interest expense not be accrued on a note payable until the note is paid, even if the end of an accounting period occurs between the signing of a note payable and its maturity date.

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Definitions:

Need Categories

Different groups or types of basic human requirements, such as physiological, safety, social, esteem, and self-actualization needs.

Growth Needs

Human desires for self-improvement, personal development, and progression towards one's fullest potential.

Social Level

Refers to the societal or community rank or position of an individual or group, often determined by socio-economic status, occupation, or education.

Maslow's Hierarchy

A theory in psychology proposed by Abraham Maslow, which outlines a five-tier model of human needs, from basic physiological needs to self-actualization.