1.accrual concept 2.what is BRS. 3. Depreciation

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Accrual concept, BRS, and depreciation are important accounting concepts for financial management.

Accrual concept recognizes revenues and expenses when they are incurred, regardless of when cash is exchanged.
BRS stands for Bank Reconciliation Statement, used to ensure the accuracy of a company's bank account balance.
Depreciation is the allocation of the cost of a tangible asset over its useful life to reflect its gradual wear and tear.
Accrual concept example: Recording revenue when services are provided, even if payment is received later.
BRS example: Matching the company's records with the bank statement to identify any discrepancies.
Depreciation example: Spreading the cost of a delivery truck over its estimated useful life of 5 years.

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