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A journal entry for accounts payable records the increase in a company's liability for unpaid expenses.
Accounts payable is a liability account that represents the amount owed by a company to its creditors.
To record an increase in accounts payable, the journal entry would credit the accounts payable account and debit the corresponding expense or asset account.
For example, if a company receives an invoice for $1,000 for ...
Accrual concept recognizes revenue and expenses when they are earned or incurred, regardless of when payment is received or made.
Revenue is recognized when it is earned, not when payment is received
Expenses are recognized when they are incurred, not when payment is made
Accruals are made for revenue and expenses that have been earned/incurred but not yet received/paid
Example: A company provides services in December but ...
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Basic question on accounting and fundamental of accounting
posted on 15 Feb 2024
I applied via AmbitionBox and was interviewed in Jan 2024. There was 1 interview round.
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