Matching Concept is said to be a concept states that the revenue and the expenses of any kind of transaction need to be added in the same accounting timeframe. So to know the income of a period all the revenues and expenses need to be added The matching accounting concept is one that holds the realization concept.
Accrual assumption is one where transactions are said to be recorded through the use of the accrual basis of accounting, and it is one where where the show of revenues and expenses goes up if earned or used.
<h3>What is the accounting concept of comparability?</h3>
Accounting comparability can be said to be one that tells the extent to which the information given in the financial statements is said to be comparable in all of the different firms and time frames.
The materiality principle in accounting tells more about the rules of accounting principles that can be ignored due to their non effect on the financial information shown to the stakeholders.
Prudence is an accounting practice is one that s the practice of making sure that the firm is not overvalued by hindering the income and assets from being in a way that is overstated in the firm's reporting.
Therefore, Matching Concept is said to be a concept states that the revenue and the expenses of any kind of transaction need to be added in the same accounting timeframe. So to know the income of a period all the revenues and expenses need to be added The matching accounting concept is one that holds the realization concept.
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