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Answer / omsai
EXPENSES AND LIABILITIES
|Is This Answer Correct ?||11 Yes||3 No|
Till invoice is created, liability is recorded in Exp AP Accrual account or Inv AP Accrual Account. When invoice is matched against a PO/Receipt, AP Accrual is relieved and Liability will get accrued in Payables. Once invoice is paid, liability is relieved.
Hence in invoice, the accounting entries would be
AP Accrual A/C - Dr (Expense A/C in case of Expense Reports)
Liability A/C - Cr
Liability A/C - Dr
Bank/Cash A/C - Cr
|Is This Answer Correct ?||1 Yes||0 No|
Answer / prasad
Accrue in Payables means When any Goods/Services enter in the Organisation, Its becomes a liability to pay to the vendor. Therefore The payment for the same called is accrual which is payable in near future.
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Answer / mandhala
Accrued Revenue: Revenue is recognized before cash is
|Is This Answer Correct ?||6 Yes||8 No|
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