3 Questions
What is the main purpose of the matching concept in accounting?
To calculate the net profit by matching revenue earned with expenses incurred during a specific period
Which accounting concept considers the recognition of expenses as well as revenues?
Accrual concept
How does the matching concept differ from the accrual concept?
The matching concept calculates net profit, while the accrual concept recognizes outstanding prepaid and pre-receival expenses.
Test your knowledge of accounting concepts with this quiz. Explore matching concept, accrual concept, and the principles related to calculating net profit and recognizing expenses and revenues.
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