Saved Bookmarks
| 1. |
What do you understand by Accrual Basis of Accounting ? |
| Answer» Solution :Accrual Basis of Accounting means the transaction is recorded at the time when it is entered into and not when the settlement takes PLACE. In other WORDS. Under Accrual Basis of Accounting, accounting entries are recorded when incomes are EARNED and EXPENSES are incurred IRRESPECTIVE of cash received or paid. | |