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Horngren'S Financial And Managerial Accounting
Found in: Page 123

Short Answer

Question: Match the accounting terminology to the definitions. 3. Time period concept 4. Revenue recognition principle 5. Matching principle a. Requires companies to record revenue when it satisfies each performance obligation. b. Assumes that a business’s activities can be sliced into small time segments and that financial statements can be prepared for specific periods. c. Guides accounting for expenses, ensures that all expenses are recorded when they are incurred during the period, and matches those expenses against the revenues of the period


The correct option is ‘b’ .

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Step by Step Solution

Step 1: Explanation on Accounting Concepts

Accounting concepts refers to the general rules, assumptions and other factors that are applicable for the accounting of the entity.

Step 2: Explanation on Time Period Concept

As per this concept, it is assumed that activities of business can be divided into small time periods, and these small periods are used to prepare the financial statements.

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