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:

Program Modes

Refer to distinct states or settings in which a device, application, or system can operate, each designed for performing specific tasks or operations.

Single Scan Test Mode

A diagnostic mode in programmable controllers where the system executes one program scan, useful for troubleshooting and testing.

On-Line Program Mode

Refers to a state where a device, such as a computer or PLC, can be programmed and controlled in real-time while connected to a network or system.

Contact Histogram

A graphical representation that displays the distribution of contact points or events over a specified time period.