while preparing final accounts, accounts should show accruals and prepayments.the net amount for the financial year should be shown in the final accounts
True
Matching revenues and expenses is called "Matching concept" of Accounting.
following are the important accounting concepts: 1.GOING CONCERN CONCEPT 2.MATCHING CONCEPT 3.REALISATION CONCEPT 4.COST CONCEPT 5.SEPERATE ENTITY CONCEPT 6.MONEY MEASUREMENT CONCEPT 7.ACCOUNTING PERIOD CONCEPT
true
Yes depreciation expense is also an example of matching concept as in this way part of fixed asset cost is apportioned to income statement and depreciation is not used in cash basis of accounting as there cash purchase is fully expensed in purchasing year.
concept of pacing or matching and mirroring another individual
True
Matching revenues and expenses is called "Matching concept" of Accounting.
Matching concept
The accrual concept concerns the matching of costs and revenues for the reporting period.
yes
balance sheet
Matching concept is the basis for accrual accounting system so Yes they are same.
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.
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
It uses the matching concept which provides more accurate reporting that's why it is recommended to be used.
following are the important accounting concepts: 1.GOING CONCERN CONCEPT 2.MATCHING CONCEPT 3.REALISATION CONCEPT 4.COST CONCEPT 5.SEPERATE ENTITY CONCEPT 6.MONEY MEASUREMENT CONCEPT 7.ACCOUNTING PERIOD CONCEPT