Which Accounting Principle States That a Company Should "Record Revenues

question 10

Multiple Choice

Which accounting principle states that a company should "record revenues when they provide goods and services to customers?"

• A)Matching.
• B)Revenue recognition.
• C)Conservatism.

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Definitions:

Past Income

The amount of money an individual or entity earned in preceding periods, often used for comparative analysis or financial assessment.

Inheritance

Inheritance involves the passing of assets, properties, and debts from the deceased to their heirs or beneficiaries.

Command Economy

An economic system where the government controls all major aspects of production, investment, and distribution.

Laissez-Faire

An economic theory from the 18th century that is strongly against the government interfering in the marketplace.