Fundamental
This query is : Resolved
30 July 2015
what actually the accrual concept mean? please clarify this to me
30 July 2015
The accrual concept in accounting means that expenses and revenues are recorded in the period they occur, whether or not cash is involved. The benefit of the accrual approach is that financial statements reflect all the expenses associated with the reported revenues for an accounting period.
30 July 2015
Accruals Concept. Accrual Definition. An accrual is a journal entry that is used to recognize revenues and expenses that have been earned or consumed, respectively, and for which the related cash amounts have not yet been received or paid out.
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