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i have to win! The balcony hotel room would have such a pretty view -lisa
Before we start, let's review GAAP -teacher
GAAP stands for generally accepted accounting principles which includes revenue recognition, matching, full disclosure and the cost. -ryan
Well, basically revenue recognition is when revenue should be recognized in the period of time it is earned. - lisa
For an example, if someone pays me $500 to paint their house i shouldn't take it as revenue until i actually performed the service
So who's going to tell me about revenue recognition? -teacher
good job lisa! -teacher
Well um.. uh matching is when expenses must be matched in the same accounting period as the revenues they helped to earn. -KJ
Next is matching, who wants to explain matching? KJ? -teacher
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