Accrual concept refers to the recognition of revenue and expenses in the accounting period in which they are earned or incurred, regardless of when payment is received or made.

• Accrual accounting is th...read more

Accrual is an estimation. It can be expenses or income. When we are not aware of the actual expenses or income for any product or service, we need to book the estimated amount in the books of accouns ...read more

There are 2 methods of accounting 1. cash basis and 2nd Accrual basis. In cash basis the the revenue is recognized on actual cash receipt and expenses is recognized on actual cash payment. This method...read more