Which one of the following recognises the idea that assets and income should not be overstated while liabilities and expenses should not be understated : A. Matching principle, B. Accrual concept, C. Principle of prudence. D. Consistency concept.

Which one of the following recognises the idea that assets and income should not be overstated while liabilities and expenses should not be understated : A. Matching principle, B. Accrual concept, C. Principle of prudence. D. Consistency concept.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 1MC: Which of the following is not a criterion to recognize revenue under GAAP? A. The earnings process...

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Question

Which one of the following recognises the idea that assets and income should
not be overstated while liabilities and expenses should not be understated :
A. Matching principle,
B. Accrual concept,
C. Principle of prudence.
D. Consistency concept.

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