Question 1. MC Matching revenues and expenses refers to:
a). recording revenues when a product is sold or a service is rendered.
b). accurately reflecting the results of operations for a fiscal period.
c). recording revenues when cash is received.
d). having revenues equal expenses
Question 2. The purpose of the income statement is to show the:
a). revenues collected during the period covered by the statement.
b). market value per share of stock at the date of the statement.
c). change in the fair market value of the assets from the prior income statement.
d). net income or net loss for the period covered by the statement.