Asked by
Ankit Kumar
on Nov 15, 2024
Verified
Expense recognition always coincides with revenue recognition.
Expense Recognition
The accounting principle that costs are recorded in the period they are incurred in and matched with the revenues they help to generate.
Revenue Recognition
The accounting principle that determines the specific conditions under which income becomes realized as revenue.
- Familiarize oneself with the primary principles of revenue and expense recognition in accounting.
Verified Answer
DK
Learning Objectives
- Familiarize oneself with the primary principles of revenue and expense recognition in accounting.