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Answer Posted / harsha
due means the amount yet to be paid for the goods
purchased or service rendered.
Gradually this all are supported by invoces or any other
documents. Accrauls are short term liabilities(such as
interest,tax,utility charges,but not supported by invoice
or a written demand for Payment.while preparing finacial
statement for that accounting period,such liabities are are
estimated on the basis of experience(based on previous
payments)similarly increase in asset of the firm which may
coninaully occur is not taken in to account in order to
comply with accrual basis accounting rule
| Is This Answer Correct ? | 11 Yes | 6 No |
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