Under the accrual basis of accounting, many of the account balance in the ledger at the end of the accounting period are reported in the financial statement without change. Some accounts require updating, though. When preparing financial statements, the economic life of the business is divided into time periods. The matching principle states that:___________.
1. A purchase made by a business is matched with the actual cost of the item
2. The accounting records and reports are matched with objective evidence
3. The transactions of a business are matched with the transactions of hs owner, creditors and other bussiness
4. The expenses incurred during a period are matched with the reverse that those expenses generated.

Question

01-07-2021
Business

Answered

At Westonci.ca, we make it easy to get the answers you need from a community of informed and experienced contributors. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform.

Under the accrual basis of accounting, many of the account balance in the ledger at the end of the accounting period are reported in the financial statement without change. Some accounts require updating, though. When preparing financial statements, the economic life of the business is divided into time periods. The matching principle states that:___________.
1. A purchase made by a business is matched with the actual cost of the item
2. The accounting records and reports are matched with objective evidence
3. The transactions of a business are matched with the transactions of hs owner, creditors and other bussiness
4. The expenses incurred during a period are matched with the reverse that those expenses generated.

Sagot :

We appreciate your time. Please revisit us for more reliable answers to any questions you may have. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. We're dedicated to helping you find the answers you need at Westonci.ca. Don't hesitate to return for more.

Someone tells Martina that she smells badly, but Martina believes that she does not smell. How might her self-concept change

According to the informational article, how does president obama embody the American dream?

Which expression can be used to find the product of 27 x 86? (25 points) a). (20 x 80) + (20 x 6) + (7 x 80) + (7 x 6) b). (20 x 7) + (20 x 6) + (7 x 80) + (7

Vegetarians do not eat animal products but rather derive their protein from plant sources. Which type of protein do vegetarian food sources lack? _________

Management is considering two alternatives. Alternative A has projected revenue per year of $100,000 and costs of $70,000 while Alternative B has revenue of $10

For what purpose does the author mention the names of various Grimm works in this excerpt? Select three answers.

good morning in need to know the answer for these question

hieroglyphics were not understood until the discovery of:

Which of these is MOST LIKELY a result of a high unemployment rate in the United States? A) increased revenues B) increased demand for consumer goods C) incre

What was the first document to have free elections in parliament? А English Petition of Rights B Virginia Declaration of Rights с Magna Carta D English Bill of

Parrain Parrain · Answer 1 · 2021-07-03T00:17:57-04:00

Answer: 4. The expenses incurred during a period are matched with the revenues that those expenses generated.

Explanation:

The accrual basis of accounting works by matching accounting transactions to the period that they occur in. For instance, if revenue is sold in year 1 but the cash for it is only received in year 2, the revenue will be recorded for year 1.

The matching principle falls under the accrual basis and matches the expenses in a period to the revenue that the expenses generated in that same period. This is why the expenses in the income statement are only those that occurred in the current period and expenses for future periods are put in the balance sheet.

Sagot :

Other Questions