Question

Which account concept concerned with determination of revenue for a particular period and then assigning to such revenue?

Answer 1

Answer:

The matching concept is an accounting practice whereby firms recognize revenues and their related expenses in the same accounting period.

Answer 2

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Revenue recognition is a part of the accrual accounting concept that determines when revenues are recognized in the accounting period. The matching principle, along with revenue recognition, aims to match revenues and expenses in the correct accounting period