Question

Which of the following used to determine when and how much expense to record? None of...

Which of the following used to determine when and how much expense to record?

    		 None of these
      		Full disclosure principle
        		Expense recognition principle
          		Matching principle
          Business   Accounting   
          0 0
          Add a commentTranscribed image text
          Next >

          Homework Answers

          Answer #1

          Option No 3 is correct

          EXPENSE RECOGNITION PRINCIPLE - As per this principle it is determined that when and how much Expense to be recorded in books of Accounts.

          The two other principle are different meaning which are as follows-

          Full Disclosure Principle - It said that financial statement should disclose each and every fact of business .

          Matching Principle- As per this principle the expense is recorded in that period in which it is used to generate revenue.

          0 0
          Know the answer?
          Your Answer:

          Post as a guest

          Your Name:

          What's your source?

          Earn Coins

          Coins can be redeemed for fabulous gifts.

          Log In

          Sign Up

          Not the answer you're looking for?
          Ask your own homework help question
          Similar Questions
          The expense recognition (matching) principle is used to determine how much of the cost of goods...
          The expense recognition (matching) principle is used to determine how much of the cost of goods available for sale is deducted from sales and how much is carried forward as inventory. T/F ?
          1. Which of the following terms is used when assuming a business will continue to operate...
          1. Which of the following terms is used when assuming a business will continue to operate in the foreseeable future? Group of answer choices a. going concern assumption b. separate entity concept c.monetary measurement concept d. time period assumption 2. What is the impact on the accounting equation when an accounts receivable is collected? Group of answer choices a.the total of neither side changes b. both sides increase c. both sides decrease d. only the Asset side changes 3. Which...
          Bad debt expense is estimated and recorded in the period corresponding to the sale in which...
          Bad debt expense is estimated and recorded in the period corresponding to the sale in which it was incurred because of which one of the following principles? Select one: a. Historical cost principle b. Going concern principle c. Economic entity principle d. Full disclosure principle e. Matching principle Clear my choice
          Which of the following accounting principles require a business to depreciate a newly purchased Truck over...
          Which of the following accounting principles require a business to depreciate a newly purchased Truck over its useful life? the cost principle the matching principle the revenue recognition principle the going concern principle
          Which of the following events could not coincide with the recognition of an expense? The recognition...
          Which of the following events could not coincide with the recognition of an expense? The recognition of an accrued expense The derecognition of inventory The recognition of a provision The recognition of a prepaid expense A decrease in the carrying amount of an intangible asset
          Which of the following estimstes are not always required when calculating deoreciation expense? depreciation Which of...
          Which of the following estimstes are not always required when calculating deoreciation expense? depreciation Which of the following estimates are not always required when calculating depreciation expense? Select all that apply. A- Depreciation rate B- Usesful life C- Depreciation method D- Salvage Value E- None of the above
          How can a company record pension liabilities when it doesn’t know how much an employee will...
          How can a company record pension liabilities when it doesn’t know how much an employee will receive or how long an employee will draw the pension
          Failure to record depreciation expense for the period results in which of the following? a. Net...
          Failure to record depreciation expense for the period results in which of the following? a. Net income being overstated. b. No effect on total assets. c. Stockholders' equity being overstated. d. Both a and c.
          Which GAAP principle tells us how to record assets?
          Which GAAP principle tells us how to record assets?
          Which of the following errors occur when an accountant does not record the entry to adjust...
          Which of the following errors occur when an accountant does not record the entry to adjust accrued wages? a.Overstatement of total liabilities in the balance sheet. b.Understatement of Wages Expense account in the income statement. c.Understatement of Accounts payable in the balance sheet. d.Understatement of total assets in the balance sheet. e.Overstatement of operating expense in the income statement.
          ADVERTISEMENT
          Need Online Homework Help?

          Get Answers For Free
          Most questions answered within 1 hours.

          Ask a Question
          ADVERTISEMENT