Question

Expenses incurred in an accounting period should be matched with the revenues recognised in that period." Identify the Basic Accounting Concept.
1 point
Accrual Concept
Matching Principle
Dual Aspect Concept
Revenue Recognition Principle​

Answer 1

Answer:

Matching concept..

Explanation:

The process of ascertaining the amount of profit earned or the loss incurred during a particular period involves deduction of related expenses from the revenue earned during that period.

The matching concept emphasises exactly on this aspect. It states that expenses incurred in an accounting period should be matched with revenues during that period.

It follows from this that the revenue and expenses incurred to earn these revenues must belong to the same accounting period.

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