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Which broad principle that requires expenses to be reported

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Reference no: EM132714611

Problem 1: The broad principle that requires expenses to be reported in the same period as the revenues that were earned as a result of the expenses is the:

Multiple Choice

A. Recognition principle.

B. Cost principle.

C. Cash basis of accounting.

D. Expense recognition (Matching) principle.

E. Time period principle.

Problem 2: The system of preparing financial statements based on recognizing revenues when the cash is received and reporting expenses when the cash is paid is called:

Multiple Choice

A. Accrual basis accounting.

D. Operating cycle accounting.

C. Cash basis accounting.

E. Revenue recognition accounting.

F. Current basis accounting.

Reference no: EM132714611

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