Practice Matching Concept - 15.3.7 | 15. Accounting Principles and Concepts | Management 1 (Organizational Behaviour/Finance & Accounting)
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15.3.7 - Matching Concept

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Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What does the Matching Concept require?

💡 Hint: Think about how income and expenses relate.

Question 2

Easy

Provide an example of the Matching Concept.

💡 Hint: Consider the timing of revenue and expenses.

Practice 4 more questions and get performance evaluation

Interactive Quizzes

Engage in quick quizzes to reinforce what you've learned and check your comprehension.

Question 1

What does the Matching Concept ensure?

  • Revenues are recognized in the period they are earned
  • Expenses are recorded in the same period as related revenues
  • All transactions are recorded immediately

💡 Hint: Focus on the relationship between income and expenses.

Question 2

The Matching Concept prevents ^misleading financial reports.

  • True
  • False

💡 Hint: Think about why transparency is vital in accounting.

Solve and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

A company reports ₹100,000 in revenue for March but defers reporting ₹10,000 of expenses incurred during the same month. Analyze the potential impacts on the company's financial statements.

💡 Hint: Examine how profit calculations are affected by the timing of expense recognition.

Question 2

Discuss the ethical implications of not adhering to the Matching Concept in financial reporting. What could be the repercussions for the firm?

💡 Hint: Think about the balance between ethical standards and business practices.

Challenge and get performance evaluation