Matching Definitions with Terms
Match each definition with its related term by entering the appropriate letter in the space provided. There should be only one definition per term (that is, there are more definitions than terms).
Term. | Definition. |
— (1) Losses — (2) Matching principle — (3) Revenues — (4) Time period assumption — (5) Operating cycle | A. Record revenues when earned and measurable (delivery of goods or services has been performed, there is persuasive evidence of an arrangement, the price is fixed or determinable, and collection is reasonably assured). B. The time it takes to purchase goods or services from suppliers, sell goods or services to customers, and collect cash from customers. C. Record expenses when incurred in earning revenue. D. Decreases in assets or increases in liabilities from ongoing operations. E. Report the long life of a company in shorter time periods. F. Increases in assets or decreases in liabilities from ongoing operations. G. Decreases in assets or increases in liabilities from peripheral transactions.
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