According to which of the following concepts should the expenses incurred when generating revenue be reported in the same period as the related revenue?
A) The cost concept
B) The periodicity concept
C) The matching concept
D) The adequate disclosure concept

Question

Quizplus · Accepted Answer

The matching concept requires that expenses incurred to generate revenue should be recognized and reported in the same period as the related revenue. This concept ensures that the financial statements accurately reflect the profitability and financial position of a company.

According to Which of the Following Concepts Should the Expenses