Question

The accounting principle that requires revenue to be recorded when goods or services are provided customers and at an amount expected to be received from customers is the: Multiple Choice Expense recognition (matching) principle. Revenue recognition principle. Time period assumption. Accrual reporting principle. Going-concern assumption.

Answer 1

Accrual Reporting Principle is an an accounting principle that requires revenue to be recorded when goods or services are provided customers and at an amount expected to be received from customers.

What is Accrual Reporting Principle?

Accrual Reporting Principle is is a principle in accounting which entails the recording of expenses or revenue after a transaction of goods and services from the customers has occured and ofwhen payment is made over such transaction.

The principle is after the matching principle, which indicate that r both evenues and expenses should be recorded and noted at the same time.

Therefore, Accrual Reporting Principle is an an accounting principle that requires revenue to be recorded when goods or services are provided customers and at an amount expected to be received from customers.

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