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Q: Using accrual accounting, revenue is recorded and reported only
A: Accrual basis accounting matches revenues to the time period in which they are earned and matches expenses to the time period in which they are incurred. [ While it is more complex than cash basis accounting, it provides much more information about your business. The accrual basis allows you to track receivables (amounts due from customers on credit sales) and payables (amounts due to vendors on
credit purchases). The accrual basis allows you to match revenues to the expenses incurred in earning them, giving you more meaningful financial reports. source microsoft.office ]
Expert answered|sharpies|Points 3002|
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Asked 8/23/2011 7:27:11 PM
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