Question

dubidder with cred ped the income taxes are paid The principle matches The 1.000 GAAP 1100, is the the customer a statement on 12/5 and receives principle When should recogidos counting principles require the application of the revenue recognition principle the recognition principle could lead to a misstatement of revenue the principle because revenue issues are always easy to identify and when ch is received is an objective application of the revenue recognition proce warehas made the revenue recognition easy to apply e fore revenue is recognized d by matching cash outflows against cash inflows. incial statements are recognized in the period they occu r sed to reflecta cash basis of accounting before financial statement

Answer 1

Solution 26:

A revenue account is "increased with a credit"

Hence option c is correct.

Solution 27:

The dividends account "Is increased with debits and decreased with credits"

Hence option c is correct.

Solution 28:

A week is not generally an accounting time period.

Hence option a is correct.

Solution 29:

The revenue recognition principal dictates that revenue should be recognized in the accounting records "When the performance obligation is satisfied"

Hence option b is correct.

Solution 30:

The expense recognition principal matches "Expenses with revenues"

Hence option b is correct.

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