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Answer :
Final answer:
The (B) expense recognition principle states that expenses should be recognized in the financial statements when they are incurred, regardless of when the company pays for them.
Explanation:
The correct answer to this question is b. expense recognition principle. The expense recognition principle states that expenses should be recognized in the financial statements when they are incurred, regardless of when the company pays for them. This principle ensures that expenses are matched with the revenues they generate, providing a more accurate representation of a company's financial performance. For example, if a company incurs wages expense in January but pays the wages in February, the expense should be recognized in January.
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