Two main accounting principles used in accrual accounting are expense recognition and full closure.
Correct Answer:
Verified
Q4: A fiscal year refers to an organization's
Q5: The cash basis of accounting commonly increases
Q6: Adjusting entries are necessary so that asset,
Q7: Under the cash basis of accounting, no
Q8: The expense recognition (matching) principle requires that
Q10: The expense recognition (matching) principle does not
Q11: The time period assumption assumes that an
Q12: Interim financial statements report a company's business
Q13: The revenue recognition principle is the basis
Q14: Recording expenses early overstates current-period income; recording
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents