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Questions and Answers
Which accounting principle states that revenue should be recognized when it is earned, regardless of when the cash is received?
Which accounting principle states that revenue should be recognized when it is earned, regardless of when the cash is received?
- Revenue recognition principle (correct)
- Matching principle
- Conservatism principle
- Materiality principle
Which accounting concept assumes that the entity will continue to operate in the foreseeable future?
Which accounting concept assumes that the entity will continue to operate in the foreseeable future?
- Going concern concept (correct)
- Entity concept
- Consistency concept
- Accrual concept
Which accounting principle requires that expenses should be recorded in the same period as the related revenues that they help to generate?
Which accounting principle requires that expenses should be recorded in the same period as the related revenues that they help to generate?
- Objectivity principle
- Consistency principle
- Matching principle (correct)
- Materiality principle
