Explain the matching concept in accounting

Reference no: EM133610088

Question 1 requires only written answers and is based on B124 Book 1, Chapters 1-3 and Book 2, Chapters 1-3. (As preparation for this question, as well as all other questions in your 3 TMAs that require application of knowledge of key accounting terms, you should become familiar with using the Accounting Glossary under 'Resources' on the B124 21J website. A good way of searching in Books 1-8 is to open the relevant PDF of a book, key in the keyboard shortcut 'Ctrl + F', and type in the accounting term or concept you wish to study.)

a.Using an appropriate example for each, name and describe the three main functions of accounting.

(6 marks)

b.Discuss the following statement: 'financial and management accounting are exactly the same.'

c.Explain the following two fundamental ethical principles of professional accounting, using an appropriate example of how each can be breached:

i.professional competence and due care
ii.professional behaviour.
i.Explain the matching concept in accounting.ii.Explain how the matching concept needs to be followed when working out gross profit for a retailer in an accounting period.

Reference no: EM133610088

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