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.