A list of concepts is provided below in the left column, with descriptions of the concepts in the right column. There are more descriptions provided than concepts. Match the description to the concept.
1._____ Cash-basis accounting.
2._____ Fiscal year.
3._____ Revenue recognition principle.
4._____ Expense recognition principle.
(a) Monthly and quarterly time periods.
(b) Accountants divide the economic life of a business into artificial time periods.
(c) Efforts (expenses) should be recognized in the period in which a company consumes assets or incurs liabilities to generate accomplishments (revenues).
(d) Companies record revenues when they receive cash and record expenses when they pay out cash.
(e) An accounting time period that is one year in length.
(f) An accounting time period that starts on January 1 and ends on December 31.
(g) Companies record transactions in the period in which the events occur.
(h) Recognize revenue in the accounting period in which a performance obligation is satisfied.