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Chapter 4 notes - Chapter 4 Accrual Accounting Concepts and...

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Chapter 4 Accrual Accounting Concepts and the Accounting Cycle
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In this chapter we need to complete the cycle…
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Revenue Recognition Principle Requires that revenues be recorded in the time period when the work is performed. The Earnings process is complete. Governs the Timing of Revenues
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Matching Principle Requires that expenses be recorded in the same time period as the revenues they helped generate. Governs the Timing of Expenses
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