Answer / praveen shettigar

income earned but not received& expenses incurred but paid
in next month.

Answer / shujjat bhatti

accrual accounting means if sale some thing on account and
cash not receive that is called accrual accounting and if
we utilize utility bills and payment made on next month
that expense is also called accrual acounting base.

Answer / babhu kanchupalli

Basis of accounting is mainly devided into two types..They are cash basis of accounting, accrual basis of accounting..

Based on accrual basis of accounting Expenses are recorded when they are incurred but not when they are paid.....same way Revenue is recognized when they are earned but not when they are received.....
Ex : 1 . Prepaid expenses.
2 . Unearned income.

These are some of the examples of accrual basis transactions.

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