Question

It is an accounting concept/principle where expenses should be recognized at the time they are incurred such as when goods and services are actually used and not at the time when the entity pays for those goods and services

Answer 1

Answer:

Expense recognition is an essential element in accounting because it helps define how profitable a business is in an accounting period.

Answer 2

Answer:

Expense recognition is an essential element in accounting because it helps define how profitable a business is in an accounting period.

Explanation:

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