1. Why are financial reports prepared on a periodic basis?
2. Distinguish between reporting on a calendar-year and on a fiscal-year basis.
3. When are revenues generally recognized (recorded)?
4. What is the matching principle?
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1. Why are financial reports prepared on a periodic basis?
2. Distinguish between reporting on a calendar-year and on a fiscal-year basis.
3. When are revenues generally recognized (recorded)?
4. What is the matching principle?