Answer to Question 1
The two key principles are the revenue recognition and the matching principle.
The revenue recognition principlerequires that four conditions be met for a transaction to be recorded as a revenue item. The four conditions are (1) the revenues must be earned (the sale is complete), (2) the amount of the revenue must be measurable, (3) the costs of generating the revenue can be determined, and (4) the revenue must be realizable.
The matching principle requires revenues and expenses to be properly matched in the same time period. Once revenue has been recognized in an accounting period, expenses incurred to generate that revenue need to be recorded in the same accounting period. Revenues and expenses, therefore, are recorded when events take place, without regard to receipt or payment of cash.
Answer to Question 2
a
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