Question

Expenses incurred in an accounting period should be matched with the

revenues recognised in that period." Identify the Basic Accounting Concept.

(a)Accrual Concept

(b)Matching Principle

© Dual Aspect Concept

(d)Revenue Recognition Principle.​

Answer 1

Answer:

Correct option is

C

Matching

Concept is based on the periodicity concept. This implies that incomes and expenses must be recorded in books of account based on the accounting period followed by the firm.