Theoretical FrameworkQuestion 4622 of 110
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Matching concept is based on accrual concept. [Jan. 2025, 2 Marks]

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Detailed Solution & Explanation

True: Matching concept is based on accrual concept for arriving at profits of the business. UNIT – 3 (CAPITAL AND REVENUE EXPENDITURES AND RECEIPTS)

About This Chapter: Theoretical Framework

Paper

Paper 1: Accounting

Weightage

5-10%

Key Topics

Policies, Standards (Ind AS), Vocabulary

This chapter covers Policies, Standards (Ind AS), Vocabulary and is part of Paper 1: Accounting in the CA Foundation exam.

View Official ICAI Syllabus

Exam Strategy Tip

This topic carries 5-10% weightage. Focus on understanding core concepts rather than memorizing.

Key Concepts to Understand

Revenue Expenditure

Expenditure incurred in the normal course of business operations whose benefit is consumed within the same accounting period. It is charged to the Profit & Loss Account.

More Questions from Theoretical Framework

What do you mean by accounting? Give its definition.

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Limitations of accounting

Functions of accounting data. [Jan. 2025, 4 Marks]

Differentiate between Book keeping and Accounting. [Sept. 2024, 4 Marks]

Capital is all assets less fictitious assets.

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