What is the matching principle? How does it relate to the revenue recognition process?
The matching principle is the association of costs in the accounting period with the related revenue that was earned. The revenue recognition process determines when and how much revenue should be recognized. Once revenue is determined, then the matching concept is applied, i.e., the amount of expense to be allocated to that period is determined.
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A departure from the cost basis of accounting may be necessary when the _________________________ of the inventory is less than its cost to the company
Fill in the blank(s) with correct word
Pete and Dana are working on a project together. They disagree on how to present the key concept of equality. Dana complains that Pete is dismissing her "feminist" position without consideration. Pete claims that Dana considers him a chauvinist. Wyatt, their supervisor, knows that both Pete and Dana are committed employees who support equality. He sits both of them down to work through the issues. This reflects ________ justice.
A. interactional B. restorative C. interpersonal D. distributive E. procedural
The ________ movement made the case that business had good reasons for conserving natural resources, reasons that paralleled the rationale to conserve financial resources.
Fill in the blank(s) with the appropriate word(s).
Luke is playing a video game on a defective disk that melts in his game player, starting a fire that injures his hands. Luke files a suit against Mystic Maze, Inc, the game's maker under the doctrine off strict liability. A significant appli¬cation of this doctrine is in the area of
a. cyber torts. b. intentional torts. c. product liability. d. unintentional torts.