The Recognition of Cost of Goods Sold as an Expense

question 138

Multiple Choice

The recognition of cost of goods sold as an expense in the same period that sales revenue is recognized from the sale of merchandise is a good example of the

• A)matching principle.
• B)full disclosure principle.
• C)revenue realization principle.
• D)historical cost principle.

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Definitions:

Openness to Experience

A personality trait characterized by an individual's willingness to try new things, engage in a variety of experiences, and embrace novelty and change.

Conscientiousness

A character quality marked by being well-organized, reliable, and having a profound sense of responsibility.

Peer Acceptance

The degree to which an individual is socially accepted by their peers, influencing their social status and relationships.

Trait

Personality characteristics that are stable over time and across situations, thought to describe consistent behaviors in individuals.