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Q. What is matching principle?
Expense recognition is closely related to as well as sometimes discussed as part of the revenue recognition principle. The matching principle states that expenses must be recognized (recorded) as they are incurred to produce revenues. An expense is the outflow or else using up of assets in the generation of revenue. Firms voluntarily acquire expense to produce revenue. For illustration a television set delivered by a dealer to a customer in exchange for cash is an asset consumed to produce revenue its cost becomes an expense. Likewise the cost of services such as labour is voluntarily incurred to produce revenue.
Explain about the Petty Cash Petty Cash It is a small amount of money which is kept in the office for making small expenditures. ($10, $25, $50, etc.) Business will conclude
1. From the following information, prepare a Balance Sheet showing the workings: 1. Working Capital ` 75,000 2. Reserves and Surplus ` 1,00,000 3. Bank Overdraft ` 60,000 4. Curren
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i want to know the concepts of journal
Q. Show Timing of expense recognition? The timing of expense recognition The matching principle entail that a relationship exists between expenses and revenues. For definite ex
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