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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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โˆ™ 2009-10-19 15:35:30
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Q: What is matching concept?
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Communication as the concept of pacing or matching and mirroring another individual?

concept of pacing or matching and mirroring another individual


Does The matching concept supports matching expenses with the related revenues?

True


Matching revenues and expenses refers to?

Matching revenues and expenses is called "Matching concept" of Accounting.


Recording revenue when a sale is made most directly relates to which concept?

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What is the accrual concept of accounting?

The accrual concept concerns the matching of costs and revenues for the reporting period.


Does the matching concept support accrual accounting principles?

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How do accruals and deferrals relate to the matching concept?

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Is the matching and accrual concepts similar?

Matching concept is the basis for accrual accounting system so Yes they are same.


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.


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


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 are the concepts of accountancy?

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