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Accruals are adjustments made to financial statements to ensure that revenues and expenses are recognized in the period they are earned or incurred, regardless of when cash is exchanged.
Accruals help match revenues and expenses to the period in which they are incurred, providing a more accurate representation of a company's financial performance.
Examples of accruals include accrued interest, accrued wages, and accrued ...
Deferrals are revenues or expenses that are recognized at a later date instead of immediately when they are incurred.
Deferrals involve postponing the recognition of revenue or expenses to a future period.
Common examples of deferrals include prepaid expenses, unearned revenue, and deferred tax assets/liabilities.
Prepaid expenses are costs that are paid in advance but recognized as expenses over time as they are used.
Une...
I was interviewed in Oct 2021.
The Golden Rules of Accounting are basic principles that guide the recording of financial transactions.
Debit the receiver, credit the giver
Debit what comes in, credit what goes out
Debit expenses and losses, credit income and gains
Accrued refers to expenses incurred but not yet paid, debtor is someone who owes money to the company, creditor is someone the company owes money to.
Accrued expenses are recorded as liabilities on the balance sheet until they are paid off.
Debtors are customers who have purchased goods or services on credit and owe money to the company.
Creditors are suppliers or vendors who have provided goods or services on credit and
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posted on 2 Dec 2022
I was interviewed in Jun 2022.
Basic of accounting is to record financial transactions and prepare financial statements.
Accounting is the process of recording, classifying, and summarizing financial transactions.
The basic accounting equation is Assets = Liabilities + Equity.
Journal entries of GST and TDS are recorded to account for taxes paid and collected.
For example, a journal entry for GST paid would be Debit GST Paid and Credit Bank Account.
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