1. Answer each of the questions below. Why is the matching principle important in the adjusting process of the accounting cycle? Two of the five types of adjusting entries presented in chapter 3 0 were accrued revenues and accrued expenses. Why would failing to record these adjustments at year-end violate the matching principle? Failing to record accruals and other adjusting entires would certainly impact this year's financial statements, but could there be any impact on future years' financial statements