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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

The matching principle states that debits should be matched with credits.

To determine

Identify whether the given statement is true or false.

Explanation

Accounting principles: The conventions or rules those are required to prepare and report the financial accounting information of a firm are referred to as accounting principles.

The following are the basic accounting principles:

  • Cost principle
  • Revenue recognition principle
  • Matching or expense recognition principle
  • Accrual basis of accounting principle
  • Cash basis of accounting principle
  • Full disclosure principle

Matching principle:

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