What does accrual concept mean?

Answer Accrual concept is an accounting process that records income and expenses as they occur and not when cash changes hands. In another accounting method such as cash basis, records are kept when the c... Read More »

Top Q&A For: What does accrual concept mean

What is accrual accounting?

When starting a business, a choice will need to be made on the accounting method to be used. The choices are accrual or cash-basis. In most cases, the business will want to choose the accrual metho... Read More »

Explain Accrual Accounting?

Accountants keep books using two methods: cash and accrual. Both methods have advantages and disadvantages, however, accrual is the "official" way of doing accounting in the U.S. It recognizes inc... Read More »

Benefits of Accrual Accounting?

While cash accounting is the simple way to keep track of income and expenses, accrual accounting is a gauge of the status and performance of a company. It has the advantage of being very transparen... Read More »

What does the accounting term accrual mean?

The term "accrual" refers to a type of accounting which reports income as earned and expenses as they are incurred. The other type of accounting, cash basis accounting, reports income as it is rece... Read More »