Which of the following accounting concepts prescribes that a company record its expenses incurred to generate...
Which of the following accounting concepts prescribes that a company record its expenses incurred to generate the revenue reported?
| A. |
Expense recognition principle |
|
| B. |
Business entity assumption |
|
| C. |
Revenue recognition principle |
|
| D. |
Cost principle |
Homework Answers
| Option A is the answer | |
| Expense recognition principle states that expenses must be matched with revenues in the period in which the company made attempts to earn revenues. | |
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Which of the following accounting concepts prescribes that a
company record its expenses incurred to generate...
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