1. Numerous timing concepts are discussed on pages 96 to 97. A list of concepts is provided on page 99, on the left, with a description of the concept on the right. There are more descriptions provided than concepts. Match the description of the concept to the concept.
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1. ____ Accrual basis accounting. 2. ____Calendar year. 3. ____Time period assumption. 4. ____Matching principle. |
(a) Monthly and quarterly time periods. (b) Efforts (expenses) should be matched with accomplishments (revenues). (c) Accountants divide the economic life of a business into artificial time periods. (d) Companies record revenues when they receive cash and record expenses when they pay out cash. (e) An accounting time period that is one year in length. (f) An accounting time period that starts on January 1 and ends on December 31. (g) Companies record transactions in the period in which the events occur. |
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