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what is accrual basis of accounting?explain in detail?
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Answer Posted / simran fukela
Accrual basis mean the income earned and expense incurred of this year is recorded in this year whether money paid and receipt in any financial year.
For example: rent charges of Rs. 10000 incurred in the month of march 2015. But Payment of expenditure is made on April 2016 but expenditure shall be recorded in march 2015
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