According to accruals rules, when a service is performed, the revenue should be recognized (recorded, accrued), interest income and rental income are an example of accrued revenue. Expenses recognition is also not directly related to cash payment. Expense should be recorded, when it occurs, not is paid. Please give a different example of accruals, and write a numeric example for it with
According to accruals rules, when a service is performed, the revenue should be recognized (recorded, accrued), interest income and rental income are an example of accrued revenue. Expenses recognition is also not directly related to cash payment. Expense should be recorded, when it occurs, not is paid. Please give a different example of accruals, and write a numeric example for it with
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 12MC: Which of the following principles matches expenses with associated revenues in the period in which...
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According to accruals rules, when a service is performed, the revenue should be recognized (recorded, accrued), interest income and rental income are an example of accrued revenue. Expenses recognition is also not directly related to cash payment. Expense should be recorded, when it occurs, not is paid.
Please give a different example of accruals, and write a numeric example for it with accounting entries.
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