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The concept of matching in accounting refers to: All costs that are used to generate revenue are recorded in the period the revenue is recognized. All transactions are recorded at the exchange price. The business is separate from its owners. The business will continue to operate indefinitely unless there is evidence to the contrary.

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Answer: All costs that are used to generate revenue are recorded in the period the revenue is recognized

Explanation: As per the matching concept of accounting the revenues and expenses incurred to generate those revenues will be recorded in the same period. This concept helps the accountant to ascertain profit and analyze the performance in that particular period.

Thus from the above we can conclude that statement 1 is the correct answer.

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