Why is the matching principle so important in accounting

Assignment Help Accounting Basics

Reference no: EM133202884

Discussion Post: Current Liability & a Long Term Liability Difference

1. What is the difference between a current liability and a long-term liability? Why does accounting require the separating of these items on the balance sheet? What would be the result if all liabilities were recorded under one title?

2. Why is the "Matching Principle" so important in accounting? Discuss its purpose and how it is used in accounting.

Reference no: EM133202884

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