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Which accounting principle requires expenses to be matched with revenues?
Which accounting principle requires expenses to be matched with revenues?
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Practice Questions
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Q1
Which accounting principle requires expenses to be matched with revenues?
Revenue Recognition Principle
Matching Principle
Cost Principle
Conservatism Principle
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The Matching Principle requires that expenses be matched with the revenues they help to generate in the same accounting period.
Questions & Step-by-step Solutions
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Q
Q: Which accounting principle requires expenses to be matched with revenues?
Solution:
The Matching Principle requires that expenses be matched with the revenues they help to generate in the same accounting period.
Steps: 4
Show Steps
Step 1: Understand that businesses earn money (revenue) and spend money (expenses).
Step 2: Learn that the Matching Principle is a rule in accounting.
Step 3: Know that this principle says expenses should be recorded in the same time period as the revenues they help to create.
Step 4: Realize that this helps to show a clear picture of how much money a business is really making or losing.
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