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What is accrual basis accounting?

What is accrual basis accounting?

Accounting Auditing Costing FM Finance
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Question added by Mohammed El Tahir Mohammed Yousif , Finance Manager , Factory of Golden Block Company for Cement Products
Date Posted: 2017/09/04
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ahmed abdallah
by ahmed abdallah , Accounting Manager , Almuneef Company for Trade, Industry, Agriculture and Contracting

Is the basis of the revenue interview in the period in which it was incurred

Soliman Abd ALmalak Gendy
by Soliman Abd ALmalak Gendy , مدير ادارة مراقبة حسابات , الجهاز المركزى للمحاسبات

Accrual basis accounting: -Expenses are reported on the income statement in the period when they occur or expire -Revenues are reported on the income statement when they are earned.

Mohammed El Tahir Mohammed Yousif
by Mohammed El Tahir Mohammed Yousif , Finance Manager , Factory of Golden Block Company for Cement Products

Accrual basis accounting recognizes revenue and expenses when services are delivered or received  

Under accrual basis accounting

Revenue recognition: when revenue is earned

Expense recognition: when related revenue is recognized  

 

 

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