LO $3\mathrm{.}1$ Match the correct term with its definition.

LO $3\mathrm{.}1$ Match the correct term with its defnition.

if uncertainty in a potential financial estimate, a company should err on the side of caution and report the most conservative amount

period of time in which you performed the service or gave the customer the product is the period in which revenue is recognized

Conservatism $q,$

business must report any business

Revenue Recognition Principle activities that could affect what is reported on the financial statements

Expense Recognition Principle

also known as the historical cost principle, states that everything the