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list three criteria that can be used to determine whether such costs should appear as changes in the income statement for the current period.

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list three criteria that can be used to determine whether such costs should appear as changes in the income statement for the current period.
Answered Same Day Dec 24, 2021

Solution

Robert answered on Dec 24 2021
112 Votes
Three criteria that can be used to account for cost as a charge in the income statement are described
as follows:-
1. Matching principle: - Whether the cost matches with the income accounted for in the income
statement. The expense should match against the income for the period i
espective of the fact...
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