Match the following terms with the appropriate definition.
-The accounting system that recognizes revenue when cash is received and records expenses when cash is paid.
A)Accrued revenues
B)Expense recognition (matching) principle
C)Cash basis accounting
D)Depreciation
E)Accrual basis accounting
F)Interim financial statements
G)Straight-line depreciation
H)Time period assumption
I)Fiscal year

Question

Quizplus · Accepted Answer

Cash basis accounting is the method that recognizes revenue when cash is received and records expenses when cash is paid.

Match the Following Terms with the Appropriate Definition