Foundation
Elements Of Book Keeping And Accountancy
Introduction To Book Keeping And Accounting
Final Accounts
Final Accounts Class X
Question
Assigning revenues to the accounting period in which the goods were delivered or the services performed and expenses to the accounting period in which they were used to produce revenue is known as ___________.
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Solution
The Matching Concept is the accounting principle which states that the revenues earned during an accounting period should be matched with all the expense incurred during a period.
Therefore, Assigning revenues to the accounting period in which the goods were delivered or the services performed and expenses to the accounting period in which they were used to produce revenue are known as the Matching rule.
Therefore, Assigning revenues to the accounting period in which the goods were delivered or the services performed and expenses to the accounting period in which they were used to produce revenue are known as the Matching rule.