The Accounting Principle That Requires Revenue to Be Reported When

question 27

Multiple Choice

The accounting principle that requires revenue to be reported when earned is the:

• A)Matching principle
• B)Revenue recognition principle
• C)Time period principle
• D)Accrual reporting principle
• E)Going-concern principle

Understand the adjustment of manufacturing overhead to Cost of Goods Sold.

Understand the process of recording the purchase and use of raw materials in manufacturing settings.

Calculate direct materials cost using provided data.

Recognize and allocate underapplied or overapplied manufacturing overhead.