Match the descriptions with their terms :
-Efforts are related to accomplishments
A) Accounting period concept
B) Cash basis
C) Revenue recognition principle
D) Prepaid expenses
E) Matching principle
F) Accrued revenues
G) Depreciation
H) Post-closing trial balance
I) Accrued expenses
J) Carrying amount

Question

Quizplus · Accepted Answer

The Matching Principle in accounting states that expenses should be recorded in the period in which they are incurred to produce revenues, thus matching efforts (expenses) with accomplishments (revenues).

Match the Descriptions with Their Terms