Mr. Somil is working as an accounts executive for Tarak Shah & Company. He has to record certain accounting transactions as on 30th March 2021 so that he can move ahead to close the books of accounts as on 31st March.

He is confused between the realization concept of accounting and the matching concept of accounting.

As an accounts manager, kindly help him in understanding this two by-

- Defining the Meaning and purpose of both the concepts

- Suitable example/ situation for each concept highlighting the difference between these concepts

An answer should be a min of 800 words.