MATCHING CONCEPT ACCOUNTING PRINCIPLE
A ll about accounting :- 13th blog. *****ACCOUNTING***** Hi freinds 🙏., Today's discuss 8th accounting principles... So let's discuss... ★ MATCHING CONCEPT :- 🔥 Matching principle is a part of the Generally accepted accounting principle [GAAP]. The matching principle states that expenses should be recognized and recorded when those expenses can be matched with the revenues those expenses helped to generate. For eg :- cannot be matched to any specific revenue stream. These expenses are recorded in the current period. * Definition of matching concept :- The Matching Principle states that all expenses must be matched in the same accounting period as the revenues they helped to earn. In practice, matching is a combination of accrual accounting and the revenue recognition principle. * Difference between matching concept and accrual c...