Question

Distinguish between Money measurement concept and matching concept

Answer 1

Answer:

Money measurement concept =Money measurement concept says that an event which has some monetary value associated with it should only be recorded in the books of accounts every thing a business owns (assets) or owes (liabilities) has to be accounted for at its money value and not at some physical unit.

Matching concept=Matching concept is one of the most fundamental principles in accounting .The matching principles states that expenses should be recognized when those expenses be matched with the revenues those expenses helped to generate.