The matching concept supports matching expenses with the related revenues.

Question

Quizplus · Accepted Answer

The matching concept is an accounting principle that states that expenses should be recognized and recorded in the same period as the related revenues. This ensures that the financial statements reflect the true and accurate financial performance of the business for a given period. Therefore, the statement "The matching concept supports matching expenses with the related revenues" is true.

The Matching Concept Supports Matching Expenses with the Related Revenues