AC5 - 1 The matching concept addresses the matching...

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1. The matching concept addresses the matching of __________. (Points: 1) assets and liabilities product costs and period costs revenues and expenses cash inflows and cash outflows 2. The __________ basis of accounting requires that revenues be recognized when earned and expenses be recognized when incurred. (Points: 1) fiscal cost recovery cash accrual 3. The balance sheet is known as a "snapshot-in-time" summary of a company's financial status. Annual financial statements, found in annual reports, contain several accompanying financial statements in addition to a balance sheet. Which financial statement illustrates the financial results of a company's operations and provides a "financial accounting bridge" between a company's prior and current period balance sheets? Hint:Think about which financial statement measures the financial health of a company over a period of time. (Points: 1) The statement of cash flows The statement of retained income The income statement No one statement can properly illustrate the financial results of a company's operations. 4.
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