Savex Technologies Senior Accounts Officer Interview Questions and Answers

Journal entries for accruals

• Accruals are used to record expenses or revenues that have been incurred but not yet paid or received.

• Accrued expenses are recorded with a debit to the expense account and a credit to the accrued liability account.

• Accrued revenues are recorded with a debit to the accrued asset account and a credit to the revenue account.

• Example of an accrued expense: Accrued salaries payable - Debit Salaries...read more