Question

Explain following Concepts (Any Three):

a) Matching Concept

b) Accounting Period Concept

c) Cost Concept

d) Conservatism Concept​

Answer 1

Answer:

a)Matching concepts tells about expenses incurred during a period to be recorded in the same period in which revenues are earned. Revenues and expenses in income statement are matched for a period of time. Investors get a better idea about economics of the business.

Answer 2

You can see this in the above attachment.....