Question

The expense recognition (matching) principle requires that expenses (expenses/assets/liabilities) be recorded in the same accounting period as the (expenses/revenues/assets) that are recognized as a result of those costs. This principle is a major part of the timing (timing/adjusting/estimating) process.

Answer 1

Answer:

Expenses ; revenues ; adjusting

Explanation:

According to the expense recognition or matching principle, the expenses that are incurred in a particular period should be matched with the revenues that are earned in that particular period.

This principle major part is of the adjustments so that the adjustment entries are passed so that the financial statements represents the true and fair view to the users of the accounting information