Match the term and the definition. There are more definitions than terms.
A.
B. Net Income
C.
D. Accrual Basis
E. Expense
F. Revenue Recognition Principle
G. Deferred Revenue
H. Time Period Assumption
I.
J.
K.
A. To reduce the recorded value of an asset to better reflect its true market value.
B. Total revenue minus total expenses.
C. The increase in value of financial assets held by a company.
D. Revenues should be recorded when they are earned and expenses when they are incurred.
E. Any use or sacrifice of a company's resources to generate revenue.
F. The concept that revenue should be recorded when earned, not necessarily when payment is received.
G. Payments received for goods that have not yet been delivered or services that have not yet been performed.
H. The practice of dividing the life of the business into months and years.
I. Any outlay of money by a company for any purpose.
J. The concept that revenue and expenses should be recorded at the time received or paid.
K. The concept that a company should record revenue during the same period as expenses.
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