Complex sentence: Accrual accounting and deferring implies timewise matching (synchronization) of income and expenses: an incurred cost is capitalized and does not become an expense until it is recognized in the financial statements of the company.
Split into simpler sentences: Accrual accounting and deferring implies time wise matching (synchronization) of income and expenses. The essence of the principle is-A cost does not become an expense until it is recognized in the financial statement of the company.