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What is the meaning of accrued in accounting?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

What is the meaning of accrued in accounting?

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3 Answers
Picsjoin 2017224123730582 answered

Hie Rashmita, - Under the cash basis accounting, revenues are recognized when cash is received, regardless of time services are provided or products are sold; and expenses are recognized when cash is paid, regardless of time costs are incurred. - On the other hand, under the accrual basis accounting, revenues and expenses are recorded when earned and incurred, accordingly, regardless of time cash is exchanged (i.e. received or paid). - Under the accrual basis accounting, revenue is recognized when it is (i) earned (i.e. products are delivered or services are provided), and (ii) realized (i.e. cash is received) or realizable (i.e. it is reasonable to expect that cash will be collected in the future). - Under the accrual basis accounting, expenses are recognized in the period related revenues are recognized (i.e. the matching principle).

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Dear Friend, **Meaning** Under the accrual basis accounting, revenues and expenses are recorded when earned and incurred, accordingly, regardless of time cash is exchanged (i.e. received or paid). Under the accrual basis accounting, revenue is recognized when it is (i) earned (i.e. products are delivered or services are provided), and (ii) realized (i.e. cash is received) or realizable (i.e. it is reasonable to expect that cash will be collected in the future). Under the accrual basis accounting, expenses are recognized in the period related revenues are recognized (i.e. the matching principle).

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

What is the meaning of accrued in accounting In order to meet their objectives, financial statements are prepared on the accrual basis of accounting. Under this basis, the effects of transactions and other events are recognised when they occur (and not as cash or a cash equivalent is received or paid) and they are recorded in the accounting records and reported in the financial statements of the periods to which they relate. Financial statements prepared on the accrual basis inform users not only of past events involving the payment and receipt of cash but also of obligations to pay cash in the future and of resources that represent cash to be received in the future. The term accrued therefore can be construed to mean obligations to pay cash in the future for past events and of resources that represent cash to be received in the future. Hence, they provide the type of information about past transactions and other events that is most useful to users in making economic decisions.

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