Author Question: Match the following terms with the appropriate definitions. Definitions have not been provided for ... (Read 178 times)

neverstopbelieb · **on:** Jul 5, 2018

Match the following terms with the appropriate definitions. Definitions have not been provided for all of these terms.

a. Accrual
b. Deferral
c. Net income
d. The matching principle
e. The revenue recognition principle
f. The cost principle
g. The valuation principle
h. Adjustments

_____ 1. Updates made to account balances at the end of each accounting period
_____ 2. The rule that requires that revenues be recognized in the period when earned
_____ 3. A transaction in which the exchange of dollars comes before the action
_____ 4. The rule that requires that both earnings and the costs of earnings be reported on the same statement each accounting period
_____ 5. A transaction in which the action comes before the exchange of cash

Question 2

To be useful, information must be accurate and reliable.

Indicate whether the statement is true or false