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Define Accruals concepts in detail?

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Jun 25 at 12:22:59
Adnan
Adnan
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Set of Financial statements are prepared under the Accruals Basis of accounting

As income and expense must be recognized in the accounting periods to which its relate there is no concern about on cash basis.

Accruals or accrued expenses are expenses which relate to the current accounting period but which have not yet been paid for. while Prepayments or prepaid expenses are expenses which relate to a future accounting period but which have already been paid.
Jun 25 at 14:28:3
Ashiq
Ashiq
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