Asked by
Nevaeh Mortimer
on Nov 14, 2024
Verified
Expense recognition is tied to revenue recognition.
Expense Recognition
The accounting principle that expenses are recorded and reported in the same period as the revenues they help to generate, ensuring accurate financial statements.
Revenue Recognition
The accounting principle that revenue should be recognized in the accounting period in which it is earned and realizable, regardless of when cash is received.
- Gain an understanding of the basics of revenue and expense recognition and how they affect financial statements.
Verified Answer
HT
Learning Objectives
- Gain an understanding of the basics of revenue and expense recognition and how they affect financial statements.
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