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what is accrued expense
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Answer / bhargav selarka
indian accounting records expenses based on accrual
system.expenses are recorded when they become due rather
than when they are actually paid..therefore the term
accrued tax refers to an expense becoming due but not yet
paid.it should be disclosed as a current liabality
| Is This Answer Correct ? | 5 Yes | 1 No |
Answer / sumit
An accounting expense recognized in the books before it is paid for. It is a liability, and is usually current. These expenses are typically periodic and documented on a company's balance sheet due to the high probability that they will be collected.
| Is This Answer Correct ? | 4 Yes | 3 No |
Answer / h.r. sreepada bhagi
Expenses which relate an accounting period but paid in a
subsequent year are accrued ecpenses. Accrued expense need
not be due for payment.
These expenses will be debited to the Profit & Loss A/c of
the year to which they relate and shown on the liabilities
side of the Balance under Current Liabilities & Provisions
(In horizontal Balance Sheet). In vertical Balance Sheet
format, Current Liabilities & Provisions are deducted from
Current Assets and Net Current Assets is shown.
| Is This Answer Correct ? | 1 Yes | 0 No |
Scope and nature of Accounting
i am trying to set up a recurring reversing journal in Oracle GL, my problem is i have income balance of £30k that i only want to show 1/12th in a period over 12 months. can any one help me set it up . i want to show P01-13 opening balance £30k less £27500 P02-13 reverse P01-13 journal P02-13 opening balance £30k less £25000 etc. or does anyone know of another way it can be done automatically every month.
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