What is matching concept in accounting?
What is matching concept in accounting?
Homework Answers
Matching concept in accounting is a method of recording the expenses related to revenues obtained in the income statement. As per Matching concept all the expenses incurred related to the revenues of the period shall be recorded in the same period only or it can be said that expenses shall be recorded in the income statement in the same period as the revenues related to that period.
Question 1 Explain the following accounting concepts: (10 marks) a. Business entity concept b. Matching concept...
Question 1 Explain the following accounting concepts: (10 marks) a. Business entity concept b. Matching concept c. Going concern d. Accruals concept e. Consistency concept
The matching concept
The matching concept A) requires that the dollar amount of debits equal the dollar amount of credits on a trial balance B) determines that expenses related to revenue be reported at the same time the revenue is reported C) addresses the relationship between the journal and the balance sheet D) determines whether the normal balance of an account is a debit or credit
The accounting concept that requires financial statement information such as revenue and expenses to be recorded...
The accounting concept that requires financial statement information such as revenue and expenses to be recorded in the same time period Monetary unit assumption Going-concern assumption Matching Objectivity
11. The fundamental accounting concept that transactions are accounted for when they occur and not when...
11. The fundamental accounting concept that transactions are accounted for when they occur and not when cash is paid or received, is known as (1 mark) a. Going concern b. Accrual c. Relevance d. Matching
Explain the concept of the matching principle. Discuss how depreciation can be justified as an expense...
Explain the concept of the matching principle. Discuss how depreciation can be justified as an expense under the matching principle?
The accounting matching principle dictates that we:
The accounting matching principle dictates that we:
The accounting matching principle dictates that we:
The accounting matching principle dictates that we:
This activity requires you to apply the accruals accounting approach (that is, using the ‘matching’ concept)...
This activity requires you to apply the accruals accounting approach (that is, using the ‘matching’ concept) to prepare an income statement for a not-for-profit organisation. This will illustrate the application of certain important accounting principles (in particular the matching principle) and demonstrate how accruals accounting differs from cash accounting in the not-for-profit sector. Smalltown Sports and Social Club Shown below, is the receipts and payments account for Smalltown Sports and Social Club. Receipts and payments account for year ended 31...
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.
what is the accounting concept that allows for the information from the trial balance to be...
what is the accounting concept that allows for the information from the trial balance to be condensed to what is displayed on the financial statements? is it 1.materiality 2. entity concept 3. closing proces 4. historical cost
11. The fundamental accounting concept that transactions are accounted for when they occur and not when cash is paid or received, is known as (1 mark) a. Going concern b. Accrual c. Relevance d. Matching
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