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متابعة

Expenses incurred by the business should be included regardless of when money is paid for them (True or False)?

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تم إضافة السؤال من قبل Khaled Mohee Eldeen Abbas Mahmoud , Chartered Accountant # 10465 , Self-employed
تاريخ النشر: 2014/07/23
Sara Naeem
من قبل Sara Naeem , Trainee Finance officer , Wah Brass Mill

100% true.

Mohammad Al Hallaq
من قبل Mohammad Al Hallaq , Consultant - Microsoft Dynamics GP , Dynamics Innovations

True in Accrual Accounting System.

Nasir Tanveer
من قبل Nasir Tanveer , Senior Accountant , Wared Express co.

True before paying it's recorded that is called accrual base accounting.

Asad Khawaja
من قبل Asad Khawaja , Tax Accountant , Pak-Arab Refinery Limited

Yes, the expenses should be recorded as and when incurred that is on  accrual basis; the IFRS require any entity to record expenses based on accrual system. 

Inbaraj Mayakrishnan
من قبل Inbaraj Mayakrishnan , Proprietor , Inbaraj M - Chartered Accountant

True. Expenses have to be accounted as and when they are incurred under accrual system of accounting unlike cash system where they are accounted when paid.

True     accrual accounts has greatly increased the amount of information on accounting statements. Before using accural only cash transactions are recorded in statements.

Divyesh Patel
من قبل Divyesh Patel , Assistant Professional Officer- Treasury , City Of Cape Town

Answer is TRUE.

Mohamed Riyaad Kamdar
من قبل Mohamed Riyaad Kamdar , Senior Audit Manager , SizweNtsalubaGobodo Inc

True in accrual system of accounting. 

Muhammad  Sultan
من قبل Muhammad Sultan , construction foreman , Alwasead Alaqarya

True because when an expence will be acurd we will be record it and than will be called accural expence

MADHU MOHAN
من قبل MADHU MOHAN , Freelance Consultant , Freelance Accounting Consultant

Yes, True.. The expenses as well as Incomes should be included regardless of the time they are paid or recieved, except that the income should be earned. This is based on the Accrual system of accounting... Thx.

Malik Amin Muhammad Khan
من قبل Malik Amin Muhammad Khan , Director Finance and Money Market Dealer , Pakistan Currency Exchange Pvt Lt; Franchise Dollar Shop

According to accrual based accounting principle, a transaction should be recorded as soon as it has taken place irrespective of time of exchange of cash