The matching concept recommends but does not require that the books and records and the resultant financial statements match revenue and expense in the proper accounting period.

Question

Quizplus · Accepted Answer

The matching concept in accounting requires that expenses be matched with the revenues they helped to generate, ensuring that income and related expenses are recorded in the same accounting period. This is a fundamental principle, not merely a recommendation.

The Matching Concept Recommends but Does Not Require That the Books