Question

The concept that states the revenue and the expenses incurred to earn the revenue must belong to the same accounting period for ascertaining profit/loss for that year.​

Answer 1

Answer:

MATCHING CONCEPT

Explanation:

MATCHINGMATCHING CONCEPT STATES THAT THE EXPENSES INCURRED DURING AN ACCOUNTING PERIOD SHOULD BE SET OUT AGAINST THE REVENUE OF THAT PERIOD ONLY TO ACERTAIN PROFITS.