Forget Your Fear and Take Accrual Concept in Accounting Homework Help
The revenues and expenses as recorded in a period of occurred whether cash is involved or not in accountancy is known as the accrual concept. All the financial statements represent the expenses incurred with the reported values is the accrual approach during an accounting period.
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What is accrual concept?
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An example to explain the concept of accrual:
For instance, an airline wishes to sell its tickets few days or just a day before the flight is booked. But it fails to keep an account of the receipts as revenue. It is because the cause of the event on whose basis the revenue was supposed to take place is yet to occur.
The revenue which has not been earned is the current liability. Did you get an idea of accrual from this example? If you have failed to get an idea, then also there is nothing to worry. We, at myhomeworkhelp.com are there to provide you with the best accrual concept in accounting homework help.
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