Type the correct answer in the box. Spell all words correctly. Which accounting principle states that a business must record expenses that it incurs and corresponding income it generates in the book of accounts for the same accounting period? The accounting principle states that a business must record incurred expenses and corresponding generated income in the book of accounts for the same accounting period.

The accounting principle that states that a business must record expenses that it incurs and the corresponding income it generates in the book of accounts for the same accounting period is:

The Matching Principle.

Explanation:

What distinguishes the matching principle from the accrual concept is that the matching principle recognizes that expenses are incurred to generate revenue, and vice versa (that is, any revenue generated must have incurred some expenses).  Therefore, these two (cost and revenue) should be recognized together in the same period.  On the other hand, the accrual concept emphasizes that a transaction must be recorded in the period when it was incurred and not when payment is made or receipt is collected.

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