The statements concerning the matching concept that is correct is:
i.The matching concept forms the basis of historical cost accounting
ii.The matching concept forms the basis of accrual accounting
iii.In practice proper matching is a relatively easy task
iv.In practice proper matching is a relatively difficult task
A)i.iii
B)ii.iii
C)i.iv
D)ii.iv

Question

Quizplus · Accepted Answer

The matching concept is a fundamental principle of accrual accounting, not historical cost accounting, and it involves matching revenues with the expenses incurred to generate those revenues within the same accounting period. This can be complex due to the need to accurately identify and allocate costs, making it a relatively difficult task in practice.

The Statements Concerning the Matching Concept That Is Correct Is