Discuss the major principle that describes recording revenue

Reference no: EM131519626

Question: 1. Discuss the major principle that describes recording revenues.

2. Discuss the major principle that describes recording expenses.

3. Samantha is a first-year accounting student. She doesn't think it matters that expenses are reported in the same period's income statement with the related revenues (matching principle). She feels that "as long as revenues and expenses are recorded in any period, that's good enough." Help her understand why the matching principle is important.

4. Describe when revenues and expenses are recognized using cash-basis accounting. How does this differ from accrual-basis accounting?

Reference no: EM131519626

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