Match the concepts of accrual accounting that follow with the appropriate assumptions or actions. 1. Assumes expenses
Question:
1. Assumes expenses should be assigned to the accounting period in which they are used to produce revenues
2. Assumes a business will last indefinitely
3. Assumes revenues are earned at a point in time
4. Assumes net income that is measured for a short period of time, such as one quarter
a. Periodicity
b. Continuity
c. Accrual accounting
d. Revenue recognition
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Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
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