1. Which of the following is correct?

   1. Events that change a company's financial statements are recognized only when cash is paid or received

   2. The matching principle states that expenses are matched, when incurred, with the related revenue.

   3. The purpose of the income statement is to show the net financial position of a company at a particular moment of time.

   4. Revenues should be recognized only when they are realized

Answer rating: 100% (QA)

3 The purpose of the income statement is to show the net financial position of ... View the full answer