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Matching Concept

The matching ...

Question

The matching concept matches which of the following?

A

Assets with Liabilities

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B

Capital with Income

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C

Incomes with Expenses

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D

Expenses with capital

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Solution

The correct option is C
Incomes with Expenses

The matching concept matches the incomes with expenses for a particular period.

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Q. Classify the following into Assets, Liabilities, Capital, Revenue, and Expenses:

(i) Plant and Machinery;	(ii) Bank Loan;	(iii) Sales;	(iv) Rent;
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(ix) Bills Payable;	(x) Wages;	(xi) Advance Income;	(xii) Accrued Income;
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Q. Match List I with List II and select the correct answer using the codes given below the lists.
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Q. _____ is a book of account; in which all types of accounts relating to assets, liabilities, capital, expenses and revenues are maintained.

Classify the above mentioned accounts (in Question 1.IA) into Asset, Liability, Capital, Revenue and Expenses.

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Standard XI Accountancy

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