The expense recognition principle states that expenses should be matched with revenues. Another way of stating the principle is to say that
A) assets should be matched with liabilities.
B) efforts should be matched with accomplishments.
C) owner withdrawals should be matched with owner contributions.
D) cash payments should be matched with cash receipts.

Question

Quizplus · Accepted Answer

The expense recognition principle states that expenses should be matched with revenues. This means that efforts (expenses) should be matched with accomplishments (revenues), which is option B. The other choices are not directly related to the expense recognition principle.

The Expense Recognition Principle States That Expenses Should Be Matched