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Tag Archives: Accrued Expense

Accruals: How to record owed expenses and revenues in the Accounting Cycle

Accruals in Accounting

Accruals are monies owed either by the business or to the business. This happens when the business does not pay cash for expenses incurred within the accounting period or when cash is not received for income earned within the accounting period. The accrual/matching concept is the principle that states expenses …

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