Which of the following is not recognized by the FASB as an expense recognition principle that properly matches expenses against revenues?
A) immediate recognition
B) systematic and rational allocation
C) cash payment
D) association of cause and effect

Question

Quizplus · Accepted Answer

The FASB (Financial Accounting Standards Board) does not recognize "cash payment" as an expense recognition principle for properly matching expenses against revenues. The recognized principles focus on the matching of expenses with the revenues they help generate, rather than the timing of cash payments.

Which of the Following Is Not Recognized by the FASB