Question

Which accounting concept specifies the practice of crediting closing stock to the trading account? a) Cost b) Realisation c) Going concern d) Matching

Answer 1

c.Going concern

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Answer 2

Answer:

d)Matching

Explanation:

The matching concept is an accounting practice whereby firms recognize revenues and their related expenses in the same accounting period.The purpose of the matching concept is to avoid misstating earnings for a period. Reporting revenues for a period without stating all the expenses that brought them could result in overstated profits.