In accordance with the expense recognition principle,expenses are recorded in the period when the:
A)related revenues are recorded.
B)cash is paid.
C)related assets are recorded.
D)contract and performance obligations are identified.

Question

Quizplus · Accepted Answer

The expense recognition principle ("matching")is the practice under accrual basis accounting to record expenses in the same period as the revenues they generate,not necessarily the period in which cash is paid for them.

In Accordance with the Expense Recognition Principle,expenses Are Recorded in the Period