The matching principle states that: Financial stataments must be free from bias and based on veritiable...
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The matching principle states that: Financial stataments must be free from bias and based on veritiable evidence Transactions caried out by a business are separated from those conducted by its owner. Assets and liabilities are recorded on the financial statements at the cost at which they were acquired or assumed. The expenses of a business should be recorded in the periods in which the corresponding revenues are earned, The matching principle states that: Financial stataments must be free from bias and based on veritiable evidence Transactions caried out by a business are separated from those conducted by its owner. Assets and liabilities are recorded on the financial statements at the cost at which they were acquired or assumed. The expenses of a business should be recorded in the periods in which the corresponding revenues are earned,
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Step 1 of 1 Matching Principle is the accounting concept that dicates expenses and reve... View the full answer
Related Book For
Managerial Accounting for the Hospitality Industry
ISBN: 978-1119386223
2nd edition
Authors: Lea R. Dopson, David K. Hayes
Posted Date:
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