The matching concept
A) addresses the relationship between the journal and the balance sheet
B) determines whether the normal balance of an account is a debit or credit
C) requires that the dollar amount of debits equal the dollar amount of credits on a trial balance
D) states that the revenues and related expenses should be reported in the same period

Question

Quizplus · Accepted Answer

The matching concept states that the revenues and related expenses should be reported in the same period. This means that expenses should be matched with the revenues they helped to generate during the same accounting period. This principle ensures that the financial statements accurately reflect the company's financial performance during a given period.

The Matching Concept