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what is accrual concept?
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Answer / chandu
cost Recognized and when the incurred and not when paid or
received.
| Is This Answer Correct ? | 27 Yes | 6 No |
Answer / nitesh
the revenues and expenses are recognized when they are
earned or incurred and not when the actual money was
received or paid.
| Is This Answer Correct ? | 12 Yes | 0 No |
Answer / manjunath
The expenses and revenues are taken in to account when they
actually occur irrespective of payment received or paid
Eg:Expenditure A/c Debit
To Accrual/Liability A/c Credit
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / sirisha
it implies the revenue is recognised in the period in which
it is earned irrespective of the fact whwther it is received
or not during the period.
| Is This Answer Correct ? | 0 Yes | 1 No |
Answer / p vasudeva rao
As per accural concept expected profit can not be recorded.
Eg: Production of goods does not mean that all goods will
be sold & cash is received in time.
Where as expected loss can be recorded
Eg: Bad debt
| Is This Answer Correct ? | 0 Yes | 1 No |
Answer / raju
Accrual entry is entrt to record an unaccounted transaction
for the current month, and also this is an auto reversal
entry which needs to reversed in the first day of
subsequest month
| Is This Answer Correct ? | 4 Yes | 6 No |
Answer / poornima
it is a outstanding either in receipt / payment
| Is This Answer Correct ? | 3 Yes | 7 No |
suppose total salaries paid is 10000, 1000 is outstanding. how & which amount will shown in receipts & payment, income & expenditure and balance sheet accounts
If balancing account is not assigned to company & is assigned to department wat will be the effects
what is the meaning of Accrual Concept?
6 Answers emc2, IHG InterContinental Hotels Group, Rivera Manpower Services,
1.Closing Inventory consists of 1,100 units. What would be the cost of Closing Inventory under FIFO and LIFO methods? Opening Inventory 1000 units @ $ 10 $ 10,000 Purchase (1) 800 units @ $ 11 $ 8,800 Purchase (2) 500 units @ $ 14 $ 7,000 Purchase (3) 400 units @ $ 12 $ 4,800 Purchase (4) 300 units @ $ 13 $ 3,900 ------------ ----------- Totals 3000 units $ 34,500 ======= ======
if u r work in showroom as a accountant. one day owner's friend is come into his showroom and he want to buy a 1 track-shoot but he confused and he take 3 track- shoot with us and reply he only pur. 1 track-shoot & 2 track-shoot return after 3 days. so now what is entry passe in account.?
What is vendor?
what is the main defference between cash flow and funds flow
2 Answers Chartered Accountant,
Is it possible contra entry in SAP FICO
ABC LTD PURCHASE GOODS FROM XYZ LTD OF Rs.400000/- BUT DURING THE TRANSPORTATION ALL GOODS ARE DESTROYED.ACCORDING TO AGREEMENT INSURENSE CO. PAID 75% OF DESTROYED GOODS TO SELLER. WHAT WILL BE JOURNAL IN BOTH PERSON ACCOUNT.
sIR, DEAR SIR, WE ARE PREPARING EXPORT INVOICES AT THE TIME OF INVOICE PREPARATION WE MENTIONED EXCISE, EDN CESS AND SH EDN CESS AMOUNT ALSO IS IT CORRECT ARE NOT BUT I THINK WHEN MATERIAL SOLD EXPORT EXCEMPTION FROM EXCISE, EDN CESS AND SH EDN CESS WHICH EVER IS CORRECT. PLEASE CLARIFY MY DOUT. ADVANCE THANKING YOU,
Is there any circumstance where an accountant is allowed to depart from accounting standards while preparing financial statements? If yes explain why, if no explain no.
journal entries
Audit 
