In deciding how to keep the books for your business, you have two options: cash-basis accounting or accrual-basis accounting. The difference between them boils down to timing -- specifically, when you ...

Highlights:,The matching concept ensures expenses are recorded in the same period as related revenues.,It enhances financial accuracy and prevents revenue overstatement.,Proper cost allocation leads ...

The Income-tax Act, 1961, though essentially a fiscal legislation, draws deeply from accounting principles and practices. Many of its provisions either adopt, deviate from, or override fundamental ...

What is the Matching Rule? A fundamental principle that governs financial accounting. The matching rule requires that expenses and their related incomes are matched during a reporting period. Also ...