Homework Answers
Calculate following
| Term | Definition | |
| a | Accrual basis of accounting | Record revenues when or as work is done, and expenses when incurred |
| b | Expense recognition principle | record expenses when incurred in earning revenue |
| c | Revenue recognition principle | Record revenue when or as work is done, not necessarily when cash is received |
| d | Cash basis of acounting | record revenues when received and expenses when paid |
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Match each definition with its related term by selecting the appropriate letter from the dropdown below....
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