Classwork Exercise and Series (Financial Accounting- SS2): Prepayments And Accruals
Definition of Accruals An accrual allows an entity to record expenses and revenues for which it expects to expend cash or receive cash respectively, in a future reporting period. It is nearly impossible to generate financial statements without using accruals, unless the cash basis of accounting is used.In double-entry bookkeeping, the offset to an accrued […]
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