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SMARTBOOK 1
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CHAPTER 3 SMARTBOOK (McGraw Hill), 
Questions and answers, VERIFIED. 
Which of the following could be a logical or realistic accounting period for a business that is creating 
financial statements? (Check all that apply.) - -Six-month 
One-month 
One-year 
Accrual basis accounting recognizes __________ (equity/revenues/expenses) when earned and records 
__________ (revenues/expenses/liabilities) when ____________ (incurred/paid) in order to adhere to 
the matching principle. - -Revenues 
Exp...
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CHAPTER 3 SMARTBOOK (McGraw Hill), 
Questions and answers, VERIFIED. 
Which of the following could be a logical or realistic accounting period for a business that is creating 
financial statements? (Check all that apply.) - -Six-month 
One-month 
One-year 
Accrual basis accounting recognizes __________ (equity/revenues/expenses) when earned and records 
__________ (revenues/expenses/liabilities) when ____________ (incurred/paid) in order to adhere to 
the matching principle. - -Revenues 
Exp...