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 taxes. Accruals are necessary for accrual accounting, which is the preferred method for most businesses as it provides a more accurate picture of financial health.

Ihg Group Interview Questions: What are accruals

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What are accruals

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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.

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