Accrual base accounts
This query is : Resolved
Arjun Vadde
(Querist)
09 January 2016
Let me know these accounts situations deeply.
KAVIRAJA ADDANGADI
(Expert)
01 February 2016
Accounting Standard 1, explain accrual concept, for Simple example interest on FD recognised every end of financial year, even though interest received on maturity, rent, salary, Exps for March which may pay in April month but for booking we have to consider For March. Expenses & income should be booked as and when accrued rather than incurred or received.
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