According to GAAP, revenue should be matched with the expense incurred for accurate financial reporting.
False. According to GAAP, the matching principle dictates that all revenue generated should be matched with the expense incurred in the same period to accurately reflect the financial performance of a company. This ensures that the costs associated with generating revenue are recognized in the same accounting period as the revenue.
This principle is essential for determining the profitability of products, services, or programs by comparing the revenue they generate with the expenses they incur. It allows for a clear assessment of whether a specific product or service is financially viable based on the relationship between revenue and expenses.
Accountants follow this principle to appropriately reflect the financial position of an organization and provide stakeholders with accurate information regarding the costs associated with revenue generation.
https://brainly.com/question/37890515