This not only improves the comfort of the device and reduces the patient’s distress in using it, but also enhances the efficiency of the device’s use and further improves the patient’s quality of life. Schwartz et al. 71 reported on smart spinal implant technology that unlocks new potentialities for treatment of spinal deformities and injuries. Surgeons can use this technology to print customized spinal implants for the treatment of conditions like fractures, degenerative disc disorders, and scoliosis. These personalized implants can restore spinal stability and improve surgical outcomes and patient quality of life.
This principle ensures that financial statements accurately reflect the relationship between revenues and the expenses incurred to generate those revenues. The matching principle states that all expenses incurred during a business’s fiscal year should be matched with the corresponding revenue earned from the sale of products or services. This helps ensure accurate financial reporting by creating a correlation between expenses and income, which results in a more realistic view of the company’s financial performance. The matching principle is integral to accrual accounting, ensuring financial reports accurately reflect a company’s financial dynamics. By aligning expenses with the revenues they generate, the principle provides a comprehensive understanding of financial activities within a specific accounting period.
What is the Matching Principle?
For example, the cost of goods sold must be matched to the sales revenue in the income statement. If expenses are recognized in a different period than the related revenue, it can present a skewed picture of profitability. Accountants prevent this through proper application of the matching principle in the company’s books. The matching principle is a core concept in accounting under Generally Accepted Accounting Principles (GAAP).
How the matching concept in accounting works
Rather than immediately expensing costs as they are incurred, costs are capitalized on the balance sheet and gradually expensed over time as revenues are earned. The matching principle significantly influences financial statements by fostering accuracy and reliability, essential for informed decision-making. Income statements are particularly impacted, as the principle ensures revenues and expenses are reported together, leading to an accurate depiction of net income.
What is the matching principle in accounting?
Of implants based on the patient’s bone structure, degree of injury and treatment needs using the patient’s CT scan data to provide the most appropriate orthopedic implants and scaffolds for each patient. The Shin’s adaptable materials 4D prints scaffolds that mimic the dynamic response of tissues to adjust to alterations in their properties. 4D printing also has great potential for manufacturing highly personalized and functional prosthetic and orthotic devices. The design and manufacture of these devices can be precisely tailored to individualize them to the patient’s specific physiological conditions and daily habits.
For instance, a company decides to build a new office building that will improve the productivity of its employees. There is no direct way of attributing this cost to the increased revenues resulting from the increased productivity of the employees. Therefore, the company will depreciate the cost of the building over its useful life. Recording depreciation expenses and accruing liabilities as required by the matching principle can lead to adjustments in retained earnings on the balance sheet. Adjustments are often needed to align the timing of expense and revenue recognition.
It remains in the bladder for a certain period by reverting to its original shape and is eliminated through urine after dissolution or erosion, leading to 4D printing. In addition, Melocchi et al. 96 reported an expellable gastric retention that relies on shape memory characteristic exhibited by pharmaceutical-grade substances, (vinylidene alcohols), directly fabricated by molten deposition modeling. Inverardi et al. 93 developed a method that integrates experimental and computational elements used for the design of shape memory devices, manufactured by heat treatment that utilized as gastric retention DDS (Fig. 4b). Uboldi et al. 98 used PVA and SMP to create inflatable organ-holding models created through hot melt extrusion and is an effective material for 4D printing, improving mechanical strength of expandable DDS and decelerating related drug release. Uboldi et al. 99 centers on advances of 4D printed DDS for intravesical drug delivery to combine topical treatment effectiveness with compliance and long-lasting performance. Che et al. 100 proposed an innovative method of manufacturing microneedles, which exhibit 4D properties when exposed to temperature, with needle sizes changing.
This property allows the hydrogel to maintain stable drug release performance in the body and is not easily broken even under certain mechanical stress. At the same time, the softness and high-water content of the hydrogel make it adhere well to tissues, what is the matching principle reducing the irritation to surrounding tissues. Bone repair and reconstruction, personalized orthopedic treatment, and efficient orthopedic drug delivery systems all hold extremely important positions in treatment of orthopedic-related diseases 1,2,3. In the process of repair and reconstruction, not only must the mechanical support function be restored, but also biocompatibility and integration with surrounding tissues need to be ensured, among which the technical difficulty is quite high 4,5,6.
- Che et al. 100 proposed an innovative method of manufacturing microneedles, which exhibit 4D properties when exposed to temperature, with needle sizes changing.
- It should be mentioned though that it’s important to look at the cash flow statement in conjunction with the income statement.
- It requires that any business expenses incurred must be recorded in the same period as related revenues.
- This provides a more accurate and reliable understanding of a company’s profitability during a specific period.
In such cases, the careful determination of such expenses has to be made and appropriate adjustments will be required in order to determine the proper profits (or loss) for the current accounting period. First, that the revenue has been earned in the period in which it is included in the income statement. The matching principle of accounting is a natural extension of the accounting period principle. In order to adhere to this principle, debit and credit accounts must be balanced, meaning expenses must equal income during any given period. A very good example of the accrual system is the coupon payment on bonds (or, for that matter, any investment which pays returns based on a particular frequency). The coupon to be paid by the bond issuer gets accumulated from the date of issue until paid.
The matching principle is important because it helps to ensure that the financial statements are accurate and present a true and fair view of the company’s operations. This is important for investors and other stakeholders who rely on these statements to make decisions about the company. When assets like equipment or buildings are purchased, they are not immediately expensed. Instead, the cost is spread out over the useful life of the asset through depreciation expenses. This allows the asset cost to be properly matched with revenues generated from using those assets over time.
Local carriers composed of poly(methyl methacrylate) and inorganic bone cement for chemotherapy drugs offer the advantage of high local drug concentrations and simultaneously minimize systemic side effects 89. Moreover, the controlled release of non-steroidal anti-inflammatory drugs (diclofenac) from the coating was demonstrated, along with their positive effects on osteoblast growth for several days. A variety of cell testing methods showed the suitability of the prepared coatings for potential applications in orthopedics 90.
The application scope of 4D printing in drug delivery systems (DDS) far exceeds that of orthopedics, and it shows great potential and far-reaching significance in cancer treatment and chronic disease management. These applications fully demonstrate that 4D printing DDS can be flexibly created according to different diseases and patient needs. Compared with traditional dosing methods, it has obvious advantages in reducing systemic side effects, stabilizing drug concentration, and improving treatment accuracy.