Question

The determination of expenses for an accounting period is based on the concept of
Select one:
a. Materiality
b. Objectivity
c. Matching
d. periodicity

Answer 1

Answer:

The determination of expenses for an accounting period is based on the principle of objectivity. The matching principle permits for a more objective analysis of profitability. By recognizing the costs in the period they are incurred, a business can simply see how much money was actually spent to generate revenue.