The principle stating that all expenses incurred while earning revenues should be identified with the revenues when they are earned and reported for the same time period is the
a. cost principle.
b. revenue principle.
c. expense principle.
d. matching principle.
e. timing principle.
Corporate annual reports do not ordinarily include
a. a transmittal letter from the president or chairman of the board of directors.
b. financial statements for the most recent year.
c. explanatory notes and comments about the financial statements.
d. the internal auditor’s report and opinion about the financial statements.
e. a historical summary of selected financial data for the past five years or more.