The Concept of Matching in Accounting Refers To

question 39

Multiple Choice

The concept of matching in accounting refers to:

• A)All costs that are used to generate revenue are recorded in the period the revenue is recognized.
• B)All transactions are recorded at the exchange price.
• C)The business is separate from its owners.

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Definitions:

Miles

A unit of distance measurement equal to 5,280 feet or approximately 1.609 kilometers, commonly used in the United States.

Second-Class Tickets

Tickets offered by transportation services, such as trains or airplanes, that offer a lower level of comfort and amenities compared to first-class at a reduced price.

First-Class Tickets

Tickets that offer premium services and amenities to passengers, typically at a higher price.

Income

Funds that an individual or business receives, usually in exchange for providing a good or service or through investing capital.