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Answer Posted / h.r. sreepada bhagi
As per Accrual Concept of Accounting Expenses & Revenues are
accounted in the accounting period to which it relates
(accounted in the year of accrual)and not when the same is
paid or received.
As against Accrual concept, expenses and incomes are
accounted when they are settled by making payment between
the parties to the transaction.
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