The matching principle
Select one:
a. addresses the relationship between the journal and the balance sheet
b. determines whether the normal balance of an account is a debit or credit
c. requires that the dollar amount of debits equal the dollar amount of credits on a trial balance
d. states that the revenues and related expenses should be reported in the same period

Question

09-10-2019
Business

contestada

The matching principle
Select one:
a. addresses the relationship between the journal and the balance sheet
b. determines whether the normal balance of an account is a debit or credit
c. requires that the dollar amount of debits equal the dollar amount of credits on a trial balance
d. states that the revenues and related expenses should be reported in the same period

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agustinsr99 agustinsr99 · Answer 1 · 2019-10-09T04:23:05+02:00

Answer: The matching principle "d. states that the revenues and related expenses should be reported in the same period".

Explanation: The application of this principle is a consequence of double entry; In the specific case of the Correspondence Principle we refer to the relationship that exists between an income and expense at the time of registering a transaction. It can be summarized in the following statement:

For every income there is an expense and for every expense there is an income.