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what do mean by accruals?
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Answer Posted / babhu kanchupalli
Basis of accounting is mainly devided into two types..They are cash basis of accounting, accrual basis of accounting..
Based on accrual basis of accounting Expenses are recorded when they are incurred but not when they are paid.....same way Revenue is recognized when they are earned but not when they are received.....
Ex : 1 . Prepaid expenses.
2 . Unearned income.
These are some of the examples of accrual basis transactions.
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