MyQuestionIcon

2

You visited us 2 times! Enjoying our articles? Unlock Full Access!

Financial Statements of NPO

The matching ...

Question

The matching concept means that the period of both expenses and revenues should match the period of .

A

cashbook

No worries! We‘ve got your back. Try BYJU‘S free classes today!

B

purchase book

No worries! We‘ve got your back. Try BYJU‘S free classes today!

C

profit & loss a/c

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

D

bank statement

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is C profit & loss a/c
The matching concept is an accounting practice whereby firms recognize revenues and their related expenses in the same accounting period

Suggest Corrections

thumbs-up

0

Similar questions

Q. As per ______ concepts in order to determine the profit earned or loss suffered by the business in a particular defined accounting period, it is necessary that expenses of the period should be matched with the revenues of that period.

Q. Assertion :The matching concept requires that costs should be recognised as expenses in the period in which revenue is realised. Reason: There may not be a matching between expenditure and expense over a short period.

Q. The _________ measures net profit/ loss by matching revenues and expenses according to the accounting principles.

Q. The ___________ measure net profit/loss by matching revenues and expenses according to the accounting principles.

Which concept covers the fact that revenues and expenses should be of the same period?

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Financial Statements of NPO

ACCOUNTANCY

Watch in App

explore_more_icon

Explore more

Financial Statements of NPO

Standard XII Accountancy

Join BYJU'S Learning Program

CrossIcon