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Differentiate between Prepayment Expenses and Accruals?

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Question added by Adeniyi Mustapha Bameyi , Compliance and Conduct Monitoring and Reporting Officer , Wema Bank
Date Posted: 2016/03/10
Dasarathi Rath
by Dasarathi Rath , Sr. Accountant , Al Luban Special Investment LLC

The main differentiate is prepayment is the expenses paid but not booked, and accruals is expenses booked but not paid.