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Definition of "Accrual concept"

As per this concept the transactions are recorded in the books of Accounts when they occur & not when the money is paid or received. It means recording the expenses & incomes when they are incurred or earned irrespective whether it has been paid or received. Financial statements are prepared on the accrual basis as it informs the users not only of the past events but also the future obligations to pay and the sources to receive the money.

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