Under the accrual basis accounting, revenues and expenses are recognized by the following principles: Revenue recognition: Revenue is recognized when both of the following conditions are met: Revenue is earned and Revenue is realized or realizable. Expense recognition: Expense is recognized in the period in which related revenue is recognized (this is also known as the Matching Principle). Respond to the following in a minimum of 175 words: Discuss when the requirements of the revenue recognition principle are usually met. Give an example.Discuss when the requirements of the expense recognition principle are usually met. Give an example.
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