Match the terms with the definitions.
-A principle that requires the matching of revenues earned during an accounting period with the expenses incurred to produce the revenues.
A)Adjusted Trial Balance columns
B)Adjusting entries
C)Balance Sheet columns
D)book value
E)contra-asset
F)depreciable cost
G)depreciation
H)fiscal year
I)historical cost principle
J)Income Statement columns
K)market value
L)matching principle
M)plant assets
N)salvage value
O)straight-line method
P)undepreciated cost
Q)useful life
R)work sheet

Question

Quizplus · Accepted Answer

The matching principle in accounting states that expenses should be recorded during the period in which they are incurred, regardless of when the transfer of cash occurs, to match those expenses with the revenues they help generate.

Match the Terms with the Definitions