What is the Matching Principle? #accounting #financialaccounting #accountingstudent #accountingtips

In this video, I summarize the Matching principle and provide example of its application.

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[accountingisajoke]

Is the matching principle needed? Yay or Na, why?

[janellewesley]

Yes the matching principles is important because it keeps accuracy of the revenues and expenses.

[aliahgrimes]

Yes, the matching principle is needed because it helps with the consistency of financial statements.

[jayparadise]

The matching principle is needed because it keeps businesses alive by documenting income statements and cost statements.

[DwayneMoore-uy]

Yes, this is required to maintain the consistency of the financial accounts. It guarantees that everything is precise.

[anthonypierce]

Yes, It helps organize and keeps structure within the business.

[FaithfullyV]

Matching principle is important in the concept of accounting because it states that a business should match related revenues and expenses in the same period. They do this in order to link the costs of an asset or revenue to its benefits.

[iyanathomas]

Matching Principle is by far the most important part of accounting I think, it allows us to really keep track and keep the statements updated for its expenses. Things can quickly get not be reported or even be mistakes but there is always a way to fix it anyhow, businesses just rather not have the mistakes made though of course.

[sarabiibakerr]

Yes this is necessary because it keeps financial statements consistent. It ensures that everything is accurate

[lovelystar]

Yes the matching principle is needed because it determines the accurately record expenses within accounting period and it impacts how the revenue is recorded.

[osbykwam]

Yes, matching principle is needed because it helps maintain consistency across a business's income statements and balance sheets.

[tamyabraclet]

Yes, it helps things make since and keep consistency in the statements.

[jennehahmadu]

Yes the matching principle is needed because it is important when the expenses and revenues depend on each other and this also helps the company to keep track of everything

[tulajames]

The matching principle is very much needed because expenses are recorded as they are incurring to make sure nothing isn’t input into the financial statement wrong as well as it needing to be the same amount as the revenue at the time of an expense.

[tracynyauke]

Matching principe is needed to maintain consistency and accuracy of revenue and expenses.

[alijahnelson]

Yes the matching principle is needed because it helps with the consistency of financial statements

[tyrap]

Yes, the matching principle is needed because it is important for expenses and revenues that are related to one another to be recorded in the same period. It ensures that financial statements are accurate.

[Twow]

The matching principle is important and accounting, because it helps keep track of expenses

[Jaa]

The matching principle is needed because it helps businesses avoid misstating profits for a period.

[marienotmars]

Matching principle is needed because it helps businesses avoid not reporting profits correctly.