Q309
Accounting is the process of matching
A.
Benefits and costs
B.
Revenues and costs
AnswerC.
Cash inflows and outflows
D.
Potential and real performance
Answer: Option B
Solution
Answer: Option B
Solution:
Accounting is the process of matching Revenues and costs. The matching concept is an accounting practice whereby firms recognize revenues and their related expenses in the same accounting period. Firms report "revenues," that is, along with the "expenses" that brought them.