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Class 12 Tuition > Learn Accountancy > What is matching concept in acvount?
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What is matching concept in acvount?

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IIT grad Tutor who can teach all subjects

Cost should match with revenue for that period
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Tutor

As per Matching concept, expenditure should equal to the income for an accounting year. Purpose behind the matching concept is that the misstated earning can be avoided.
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Tutor

As per Matching concept, expenditure should equal to the income for an accounting year. Purpose behind the matching concept is that the misstated earning can be avoided.
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The matching concept is an accounting practice whereby firms recognize revenues and their related expenses in the same accounting period.
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Tutor

It is a concept based on accrual assumption where earnings of the period are matched with the related expenses... it helps avoiding misstatement of profits
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'$tr!¥€ to €nr!¢h the R!¢h'

Expenses to be matched with the incomes of the same period, so that the profit or losses calculated are not overstated and the balance sheet shows the correct financial position
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Tutor with 4 yrs of experience in accounting and economics

Matching concept as per Indian accounting states that revenue of a period should be equal to expenses of that period,iirrespective of the fact where expenditure has been incurred in full or not.expenses may be accrued but not due or due but not incurred.
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Accounts Teacher

As per Matching concept, if there is any expenditure incurred to gain some revenue in a specific time period, then both the income and expenditure need to be recognised during that period. Example: If freight inwards is incurred for transport of goods and the goods have been sold, then both the revenue...
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As per Matching concept, if there is any expenditure incurred to gain some revenue in a specific time period, then both the income and expenditure need to be recognised during that period. Example: If freight inwards is incurred for transport of goods and the goods have been sold, then both the revenue and expenditure are to be accounted during the same period. read less
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All costs which are incurred to earn revenue of the period should be charged against. This concept is also known as concept of efforts and accomplishment.
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It is very simple concept that incomes and expenses should pretain to one and same time period. If income being accounted for is for the period June 5, 2018 to Sept 30, 2018; then expenses should also be for the period June 5, 2018 to Sept 30, 2018 only in the books of accounts.
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