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while preparing final accounts, accounts should show accruals and prepayments.the net amount for the financial year should be shown in the final accounts
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∙ 14y ago
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Matching revenues and expenses refers to?
Matching revenues and expenses is called "Matching concept" of Accounting.
Does The matching concept supports matching expenses with the related revenues?
True
Is the matching and accrual concepts similar?
Matching concept is the basis for accrual accounting system so Yes they are same.
How do accruals and deferrals relate to the matching concept?
balance sheet
Why is accrual accounting the preferred method in business?
It uses the matching concept which provides more accurate reporting that's why it is recommended to be used.
Communication as the concept of pacing or matching and mirroring another individual?
concept of pacing or matching and mirroring another individual
Matching revenues and expenses refers to?
Matching revenues and expenses is called "Matching concept" of Accounting.
Does The matching concept supports matching expenses with the related revenues?
True
Recording revenue when a sale is made most directly relates to which concept?
Matching concept
Is the matching and accrual concepts similar?
Matching concept is the basis for accrual accounting system so Yes they are same.
Does the matching concept support accrual accounting principles?
yes
How do accruals and deferrals relate to the matching concept?
balance sheet
What is the difference btwn Matching Accrual and realization concept?
Accrual concepts use the matching of expenses to get an overall picture of a person's account. A realization concept is based on the results of the accrual process.
Although it is too simple an explanation the concept of a key fitting into a lock is descriptive of the?
matching of enzyme with the substrate
What is the accrual concept of accounting?
The accrual concept concerns the matching of costs and revenues for the reporting period.
Why is accrual accounting the preferred method in business?
It uses the matching concept which provides more accurate reporting that's why it is recommended to be used.
What Basic 8 concepts of financial accounting?
There are eight accounting concepts: Business entity concept, cost concept, going concern concept, matching concept, objectivity concept, unit of measure concept, adequate disclosure concept, and accounting period concept
