The matching principle:
A. Applies only to situations in which a cash payment occurs before an expense is recognized.
B. Applies only to situations in which a cash receipt occurs before revenue is recognized.
C. Is used in accrual accounting to determine the proper period in which to recognize revenue.
D. Is used in accrual accounting to determine the proper period for recognition of expenses.
D
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If a consumer purchases a new flat-screen "smart" television, what is the augmented product involved?
A) connection to the world of entertainment B) state-of the art technology C) slick and attractive packaging D) brand name E) tech support and warranty
In a production cost report, the number of total units to account for consists of ________. The weighted-average method is used
A) units in process at the beginning of the period and units started or added during the period B) units in process at the end of the period and units started or added during the period C) units in process at the beginning of the period and units remaining at the end of the period D) units of completed and transferred out products and total units produced