Match each definition with its related term by selecting the appropriate letter

Question

Match each definition with its related term by selecting the appropriate letter from the dropdown below. Definition A. Record expenses when incurred in earning revenue. B. Record revenues when or as work is done, not necessarily when cash is received. C. Record revenues when received and expenses when paid. D. Record revenues when or as work is done, and expenses when incurred. Term Definition Accrual basis accounting 2. Expense recognition principle D 3 Revenue recognition principle 4. Cash basis accounting

Explanation / Answer

Answer:

1. Accrual basis accounting ------- B

2. Expense recognition principle --- A

3. Revenue recognition principle ---- D

4. Cash basis accounting ------- C

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