what is accrual concept?
Answers were Sorted based on User's Feedback
Answer / chandu
cost Recognized and when the incurred and not when paid or
received.
Is This Answer Correct ? | 27 Yes | 6 No |
Answer / nitesh
the revenues and expenses are recognized when they are
earned or incurred and not when the actual money was
received or paid.
Is This Answer Correct ? | 12 Yes | 0 No |
Answer / manjunath
The expenses and revenues are taken in to account when they
actually occur irrespective of payment received or paid
Eg:Expenditure A/c Debit
To Accrual/Liability A/c Credit
Is This Answer Correct ? | 1 Yes | 0 No |
Answer / sirisha
it implies the revenue is recognised in the period in which
it is earned irrespective of the fact whwther it is received
or not during the period.
Is This Answer Correct ? | 0 Yes | 1 No |
Answer / p vasudeva rao
As per accural concept expected profit can not be recorded.
Eg: Production of goods does not mean that all goods will
be sold & cash is received in time.
Where as expected loss can be recorded
Eg: Bad debt
Is This Answer Correct ? | 0 Yes | 1 No |
Answer / raju
Accrual entry is entrt to record an unaccounted transaction
for the current month, and also this is an auto reversal
entry which needs to reversed in the first day of
subsequest month
Is This Answer Correct ? | 4 Yes | 6 No |
Answer / poornima
it is a outstanding either in receipt / payment
Is This Answer Correct ? | 3 Yes | 7 No |
What is the difference between income and income statement???
what is the process of correcting the balance sheet of the company?if the balance of balance sheet are not equal.
What do you mean by Bank Reconciliation Statement(BRS)?
our cheque to Arshad Khan was dishonored?
What is accrual accounting?
why bank accounts are not coming in profit and loss account ?
IS THERE ANY DIFFERENCE BETWEEN PAID UP CAPITAL AND PAID IN CAPITAL?
Scope and nature of Accounting
How to treat company managers personal expenses met by company if he is not taking salary from company and in future salary will be payable after deducting all personal expenses (salary amt will be decided only at paying year). pass journal entries
What can be done incase of excess payment of TDS Remittence than the actual amount? Is there any adjustment towards the excess amount with the upcoming TDS payment? Reference of last quarter challan should be shown while adjusting in next quarter?
What is BRS Adjustment entry?
Where is Profit and Loss posted in a balance sheet?