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BENEFITS OF DOCUMENT
Accounting The Matching Concept and The Adjusting Process
1. How the matching concept relates to the accrual basis of accounting.
2. Adjustments are necessary and list the characteristics of adjusting entries.
3. Journalize entries for accounts requiring adjustment.
4. The adjustment process and prepare an adjusted trial balance.
5. Vertical analysis to compare financial statement with industry averages.
The definition of the matching concept in accounting is a principle that expenses relative to income must be recorded for the same time period. Discover examples of how to use the matching concept in inventory costing systems, recording accrued interests, and in warranties.
Accounting is a continuous task but, for the sake of simplicity, it must be divided into specific periods so that bookkeepers can run meaningful reports. As such, the matching principle dictates that an expense must be recorded in the same period as the income to which it is related.
The matching principle is one of the basic underlying guidelines in accounting. The matching principle directs a company to report an expense on its income statement in the period in which the related revenues are earned. Further, it results in a liability to appear on the balance sheet for the end of the accounting period. The matching principle is associated with the accrual basis of accounting and adjusting entries.
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Source: Best Practices in Management Accounting PowerPoint Slides: Accounting the Matching Concept and the Adjusting Process PowerPoint (PPT) Presentation, UJ Consulting
ABOUT THE AUTHOR: UJ CONSULTING
Untung Juanto ST., MM. Founder of UJ Consulting. He is professionally experienced business and management consultant in several local and multinational companies. [read more] He has an experience in managing an effective and efficient company with various approach methods adapted to different industries because He had a career from the lower management level as Supervisor before finally being at the top management level. His Top Management experience started from the position of General Manager, VP Operation, HR Director and Business Development Director
He completed his undergraduate education majoring in Architecture at Diponegoro University, Semarang, Central Java, Indonesia. After that, He continued to Master of Management level majoring in Human Resource Management with cum laude predicate with a GPA of 3.94 at Mercubuana University, Jakarta, Indonesia.
His last work experience as Deputy President Director at Hutahaean Group in charge of 14 business units engaged in various industries including CPO Production, Oil Palm Plantation, Cassava Plantation, Tapioca flour production, 4 and 5 star hotels, waterparks, golf courses and housing with a total of employees more than 3,000 employees.
His biggest achievement was in 2021 when He served as Deputy President Director at Hutahaean Group Indonesia by increasing the company's revenue from IDR 700 billion to IDR 1.1 trillion (y/y) and increasing the profit margin by more than 20%. Doing a turn around on business units that have lost in the last 5 years become profits. In addition, He have also succeeded in creating an efficient and effective management system by redesigning the Business Process Management (BPM), reviewing Standard Operating Procedures (SOP) and Work Instructions and compiling the appropriate Key Performance Indicator Management (KPIM) to increase employee productivity.
He is currently active as a part-time business and management consultant (online) at Enquire Corp. and Flevy Corp. In addition, He also teach part-time at several universities for courses in strategic management, human resource management, project management, entrepreneurship and business.
UJ Consulting has published 170 additional documents on Flevy.
File Type: PowerPoint (ppt)
File Size: 2.7 MB
Number of Slides: 50 (includes cover, transition, & marketing slides)
Related Topic(s): Management Accounting
This business document is categorized under the function(s): Corporate Finance
It applies to All Industries
Purchase includes lifetime product updates. After your purchase, you will receive an email to download this document.
Initial upload date (first version): Mar 30, 2022
Most recent version published: Mar 31, 2022
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