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Can we booked current years expenses in the next year ?
wahtever the answer plz provide me any proof for that
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Answer Posted / h.r. sreepada bhagi
Revenues (Incomes) and Expenses have to be matched every
Accounting year and hence under Accrual Concept of
Accounting, All incomes and expenses relating to current
year should be booked in the current year only. No expense
relating the current accounting should be postponed to next
accounting year deliberately. However, for any reason an
expense has not been booked in a previous accounting year,
that can be booked in the current year under Prior Period
Expenses with proper narration.
Proof - Read matching Concept & Accrual Concept under
Accounting Principles.
However, if accounts are maintained on Cash basis by an
individual or a proprietorship concern, the expenses will be
booked when it is paid, instead of when it is booked. This
is not in accordance with teh Concepts mentioned above.
| Is This Answer Correct ? | 21 Yes | 1 No |
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