According to Generally Accepted Accounting Principles,costs are:
A) recorded as incurred.
B) recorded when paid.
C) matched with revenues.
D) matched with production levels.
E) expensed as management desires.

Question

Quizplus · Accepted Answer

According to Generally Accepted Accounting Principles, costs should be matched with revenues. This means that expenses should be recognized in the same period in which the revenue associated with those expenses is recognized. This matching principle helps to ensure that financial statements are accurate and reflect the true financial position of the company.

According to Generally Accepted Accounting Principles,costs Are