Numerous timing concepts are discussed on pages 98 and 99. A list of concepts is provided below, on the left, with a description of the concept on the right. There are more descriptions provided than concepts. Match the description of the concept to the concept.

1. ____ Cash-basis accounting.

(a) Monthly and quarterly time periods.

2. ____ Fiscal year.

(b) Accountants divide the economic life of a business into artificial time periods.

3. ____ Revenue recognition principle.

(c) Efforts (expenses) should be matched with accomplishments (revenues).

4. ____ Expense recognition principle.

(d) Companies record revenues when they receive cash and record expenses when they pay out cash.

(e) An accounting time period that is one year in length.

(f) An accounting time period that starts on January 1 and ends on December 31.

(g) Companies record transactions in the period in which the events occur.

(h) Recognize revenue in the accounting period in which it is earned.