The matching concept, or matching principle, is a fundamental element of accrual-basis accounting. In accrual accounting, a company records revenue in its books as soon as it has done everything ...

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 ...

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 ...