Question

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the expense recognition (matching) principle aims to record (expenses/assets/liabilities) in the same accounting period when (expenses/revenues/assets) are earned as a result of those costs. this principle is a major part of the (timing/adjusting/estimating) process.
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Explanation:

The expense recognition (matching) principle requires pairing incurred expenses with the revenues generated by those costs in the same accounting period. This is a core part of the adjusting process in accounting, which ensures financial statements reflect accurate period-specific revenues and expenses.

Answer:

1. expenses
2. revenues
3. adjusting