{"id":8845,"date":"2024-04-15T03:07:09","date_gmt":"2024-04-15T03:07:09","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=8845"},"modified":"2024-04-15T03:07:09","modified_gmt":"2024-04-15T03:07:09","slug":"depreciation-is-charged-on-fixed-assets-to-comply-with-which-of-the-following-accounting-principle-a-matching-concept-b-prudence-concept-c-timeliness-concept-d-reliability-concept","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/depreciation-is-charged-on-fixed-assets-to-comply-with-which-of-the-following-accounting-principle-a-matching-concept-b-prudence-concept-c-timeliness-concept-d-reliability-concept\/","title":{"rendered":"Depreciation is charged on fixed assets to comply with which of the following accounting principle? A. Matching concept B. Prudence concept C. Timeliness concept D. Reliability concept"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;Matching concept&#8221; option2=&#8221;Prudence concept&#8221; option3=&#8221;Timeliness concept&#8221; option4=&#8221;Reliability concept&#8221; correct=&#8221;option1&#8243;]<!--more--><\/p>\n<p>The correct answer is: A. Matching concept.<\/p>\n<p>The matching concept is an accounting principle that requires expenses to be matched with the revenues they generate. This means that the cost of an asset should be allocated over the period of time it is used to generate revenue. Depreciation is a way of allocating the cost of a fixed asset over its useful life.<\/p>\n<p>The prudence concept is an accounting principle that requires accountants to be conservative in their estimates. This means that they should not overstate assets or income, and they should not understate liabilities or expenses.<\/p>\n<p>The timeliness concept is an accounting principle that requires financial statements to be prepared and issued in a timely manner. This means that they should be available to users of financial information as soon as possible after the end of the reporting period.<\/p>\n<p>The reliability concept is an accounting principle that requires financial statements to be free from material error and bias. This means that they should be accurate and objective.<\/p>\n<p>In conclusion, the matching concept is the accounting principle that requires depreciation to be charged on fixed assets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;Matching concept&#8221; option2=&#8221;Prudence concept&#8221; option3=&#8221;Timeliness concept&#8221; option4=&#8221;Reliability concept&#8221; correct=&#8221;option1&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"class_list":["post-8845","post","type-post","status-publish","format-standard","hentry","category-accounting","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Depreciation is charged on fixed assets to comply with which of the following accounting principle? A. Matching concept B. Prudence concept C. Timeliness concept D. Reliability concept<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/depreciation-is-charged-on-fixed-assets-to-comply-with-which-of-the-following-accounting-principle-a-matching-concept-b-prudence-concept-c-timeliness-concept-d-reliability-concept\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Depreciation is charged on fixed assets to comply with which of the following accounting principle? A. Matching concept B. Prudence concept C. Timeliness concept D. Reliability concept\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;Matching concept&#8221; option2=&#8221;Prudence concept&#8221; option3=&#8221;Timeliness concept&#8221; option4=&#8221;Reliability concept&#8221; correct=&#8221;option1&#8243;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/depreciation-is-charged-on-fixed-assets-to-comply-with-which-of-the-following-accounting-principle-a-matching-concept-b-prudence-concept-c-timeliness-concept-d-reliability-concept\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-15T03:07:09+00:00\" \/>\n<meta name=\"author\" content=\"rawan239\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rawan239\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Depreciation is charged on fixed assets to comply with which of the following accounting principle? A. Matching concept B. Prudence concept C. Timeliness concept D. Reliability concept","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/depreciation-is-charged-on-fixed-assets-to-comply-with-which-of-the-following-accounting-principle-a-matching-concept-b-prudence-concept-c-timeliness-concept-d-reliability-concept\/","og_locale":"en_US","og_type":"article","og_title":"Depreciation is charged on fixed assets to comply with which of the following accounting principle? A. Matching concept B. Prudence concept C. Timeliness concept D. Reliability concept","og_description":"[amp_mcq option1=&#8221;Matching concept&#8221; option2=&#8221;Prudence concept&#8221; option3=&#8221;Timeliness concept&#8221; option4=&#8221;Reliability concept&#8221; correct=&#8221;option1&#8243;]","og_url":"https:\/\/exam.pscnotes.com\/mcq\/depreciation-is-charged-on-fixed-assets-to-comply-with-which-of-the-following-accounting-principle-a-matching-concept-b-prudence-concept-c-timeliness-concept-d-reliability-concept\/","og_site_name":"MCQ and Quiz for Exams","article_published_time":"2024-04-15T03:07:09+00:00","author":"rawan239","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rawan239","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/exam.pscnotes.com\/mcq\/depreciation-is-charged-on-fixed-assets-to-comply-with-which-of-the-following-accounting-principle-a-matching-concept-b-prudence-concept-c-timeliness-concept-d-reliability-concept\/","url":"https:\/\/exam.pscnotes.com\/mcq\/depreciation-is-charged-on-fixed-assets-to-comply-with-which-of-the-following-accounting-principle-a-matching-concept-b-prudence-concept-c-timeliness-concept-d-reliability-concept\/","name":"Depreciation is charged on fixed assets to comply with which of the following accounting principle? 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