Question - Explain, in your own words, how the matching concept applies to adjusting entries.
Question - Explain, in your own words, how the matching concept
applies to adjusting entries.
Homework Answers
Let us first understand what are adjusting entries. They are those entries which are made at the end of the year on accrual concept. This means that -- those entries are made in order to make sure that income and expense both of them will be recognized when they are earned and we will not recognise them when its collected or when we make the payment of any exp.
Same thing is mentioned in the matching concept as well.
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Question - Explain, in your own words, how the matching concept
applies to adjusting entries.
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