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Matching Concept and Accounting Cycle: Accounting Fundamentals

All businesses understand that it’s vital to keep accurate records and monitor them on a regular basis. After watching this video, viewers will have a grasp of the matching concept, which helps avoid misstated earnings for a period, and the accounting cycle, which helps identify errors and provide the data needed for income statements and balance sheets. Sections include: Cash Basis vs. Accrual Basis, The Matching Concept, The Accounting Cycle, and The Accounting Cycle Quick Review. A home-based online gift basket business, a software company, a car repair shop, and a hair salon serve as examples. A Films for the Humanities & Sciences/MotionMasters Coproduction. A part of the series Accounting Fundamentals. (30 minutes)

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Cash Basis vs. Accrual Basis
Income statements can be created in two ways. See examples of a business using cash basis and a business using accrual basis.