The matching concept refers to the "matching" of:
A)expenses and revenues
B)expenses and liabilities
C)assets and equity
D)assets and liabilities

Question

Quizplus · Accepted Answer

The matching concept in accounting states that expenses should be matched with the revenues they help to generate. This is because expenses are incurred to earn revenues, so it is important to recognize both in the same accounting period. By matching expenses and revenues, a more accurate determination of profit or loss can be made for the reporting period. Therefore, option A is the best choice as it matches expenses and revenues.

The Matching Concept Refers to the "Matching" Of