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✨ EY Prep 🩷
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Accounting
🔴 Hard
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What is the matching principle and how does it relate to accruals?
A.
Revenues must be matched to the same customer's payments
B.
Expenses must be recognised in the same period as the revenue they helped generate — accruals are the mechanism to achieve this when cash timing differs
C.
Assets must equal liabilities at all times
D.
Management accounts must match statutory accounts