Refer to the Graph

question 223

Essay

Refer to the graph. Arrange these animals on the graph by writing the name of each animal next to an appropriate dot on the graph: cat, elephant, human, mouse, shrew.What conclusion can you draw from this graph?

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Definitions:

Credit Portion

Refers to the part of a financial transaction that is recorded as a credit in the accounting records, increasing liabilities or decreasing assets.

Revenue Recognition Principle

An accounting principle that dictates the conditions under which revenue is recognized and determines how revenue is accounted for.

Revenue Account

An account that tracks the income generated from a company's primary operations.

Matching Principle

An accounting concept that expenses should be recorded in the same period as the revenues they helped to generate.