Several timing concepts are discussed on pages 100–101. A list of concepts is provided in the left column below, with a description of the concept in the right column below. There are more descriptions provided than concepts. Match the description of the concept to the concept.
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(a) Monthly and quarterly time periods. |
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(b) Efforts (expenses) should be matched with results (revenues). |
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(c) Accountants divide the economic life of a business into artificial time periods. |
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(d) Companies record revenues when they receive cash and record expenses when they pay out cash. (e) An accounting time period that starts on January 1 and ends on December 31. (f) Companies record transactions in the period in which the events occur. |