The correct option is c. The recognition of cost of goods sold expenses exemplifies the application of the matching principle.
An expense is a business's operational cost incurred to produce income. It can be simply defined as the amount one must pay to acquire something. Supplier payments, staff salaries, manufacturing leases, and machinery depreciation are examples of frequent costs. Firms are permitted to deduct tax-deductible expenses from their taxable income on their income tax returns in order to reduce their tax liability. The Internal Revenue Service (IRS) has rigorous guidelines regarding which expenses businesses may deduct, though.
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