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Which accounting principle requires that expenses be matched with revenues in th

Practice Questions

Q1

Which accounting principle requires that expenses be matched with revenues in the final accounts?

Going Concern
Accruals
Consistency
Prudence

Questions & Step-by-Step Solutions

Which accounting principle requires that expenses be matched with revenues in the final accounts?

Step 1: Understand that in accounting, we need to keep track of money coming in (revenues) and money going out (expenses).
Step 2: Learn that the Accruals principle is a rule in accounting.
Step 3: Know that the Accruals principle says we should record expenses in the same period as the revenues they help to generate.
Step 4: Realize that this matching helps to give a clearer picture of a company's financial performance.

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