Accruals
Accruals are adjusting entries for either accrued revenues or accrued expenses. Companies make adjusting entries for accruals to record revenues earned and expense incurred in the current accounting period that have not been recognized through daily entries.
Category: Accounting & Auditing
Previous: ← Unearned revenues
Next: Accrued revenues →
More from this Section
- Long-term liabilities
Long-term liabilities are obligations that a company expects to pay after one year. Liabilities ... - Percentage-of-receivables
Under the percentage-of-receivables basis, management estimates what percentage of receivables ... - Contra asset account
Accumulated Depreciation- Office Equipment is a contra asset account which is an account ... - Quality of earnings
Quality of earnings provides full and transparent information that will not confuse or ... - Under- or Overapplied overhead
Underapplied overhead means that the overhead assigned to work in process is less than ...