Which accounting concept specifies the practice of crediting closing stock to the trading account?

Question

Quizplus · Accepted Answer

The matching concept in accounting specifies that expenses should be matched with the revenues they help to generate within the same accounting period. Crediting closing stock to the trading account is a practice that aligns with this concept, as it ensures that the cost of goods sold (an expense) is matched with the revenue generated from those goods within the period.

Which Accounting Concept Specifies the Practice of Crediting Closing Stock