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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 |
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 ======= ======
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Audit 
