The Accounting Principle That Requires Revenue to Be Reported When

question 87

Multiple Choice

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

• A) Matching principle
• B) Revenue recognition principle
• C) Timeliness principle
• D) Cost principle
• E) Going concern principle

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Definitions:

Property Transfer

The act of changing ownership of real estate or personal property from one person or entity to another.

Fraud Or Duress

refers to unlawful pressure or deceit used to coerce someone into a contractual agreement, compromising the agreement's validity.

Bequest

A transfer of personal property through a will.

Legacy

A bequest; a testamentary gift of personal property. Sometimes incorrectly applied to a testamentary gift of real property.