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what is accrual concept?
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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 |
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whatisledger
The following information is extracted from the audited books of accounts of a chain of food stores for the period ended 31st December 2015. Revenue Statement (Trading and Profit and Loss Account for the year ended 31st December 2015. BWP’000 BWP’000 Sales 460 Cost of good sold (220) Gross profit 240 Wages 50 Other expenses 30 (80) Net Profit 160 Note: The purchase figure included in the cost of goods sold of P255 000. Balance Sheet as at 31st December 2015 BWP’000 BWP’000 Fixed Assets 400 Current assets: Stock 80 Debtors (trade) 120 Bank 400 ----- [600] Current liabilities: Trade creditors 300 ------ [300] 300 Net Assets 700 ==== Financed by: Share capital 600 Revenue reserves 100 ------ 700 Shareholders Funds 700 ===== Required: (a) Calculate the following accounting ratios: (i) Current ratio (ii) Acid test ratio (iii) Stock turnover (in days) (iv) Debtors turnover (in days) (v) Creditors turnover (in days) (vi) Return on capital employed (ROCE) (vii) Gross profit percentage (viii) Net profit percentage (b). Give a brief comment on the performance of the company, based on the above ratios.
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