ACC 290 WEEK 3 DQ1and 2 What is the revenue recognition principle What is the expense recognition principle? In your opinion, why are these important to financial reporting? DQ2 What are adjusting entries? Why are these necessary?

DQ1 The revenue recognition principle is made so the revenue a company earns is recorded in the same accounting period in which a product or service is sold. The revenue recognition principle is also the process where a company keeps records of any financial event in the same accounting period it is earned. The expense recognition principle is the fact that the expense will follow the revenue. The money spent in producing revenue will be accounted for in the same period of time as the revenue earned. The expense recognition principle lets the expenses...