Using certain standardized and generally accepted principles, an accountant prepares financial statements that recognize revenue at the point of sale and expenses when incurred.

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Quizplus · Accepted Answer

This statement is true. The generally accepted accounting principles (GAAP) require revenue to be recognized when it is earned, and expenses to be recognized when they are incurred. This helps ensure that financial statements accurately reflect a company's financial performance and position.

Using Certain Standardized and Generally Accepted Principles, an Accountant Prepares