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  • The Accounting Cycle: Accruals and Deferrals: Chapter 2 Continued

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    abey.mulugeta
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    Accruals and deferrals are accounting adjustments used to record revenues and expenses in the proper accounting period. Accrued revenues have been earned but not received, while deferred revenues have been received but not earned. Similarly, accrued expenses have been incurred but not yet paid, while deferred expenses relate to prepaid amounts that have not yet been used.

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    Accruals and deferrals are accounting adjustments used to record revenues and expenses in the proper accounting period. Accrued revenues have been earned but not received, while deferred revenues have been received but not earned. Similarly, accrued expenses have been incurred but not yet paid, while deferred expenses relate to prepaid amounts that have not yet been used.

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    13 views42 pages

    The Accounting Cycle: Accruals and Deferrals: Chapter 2 Continued

    Uploaded by

    abey.mulugeta
    Accruals and deferrals are accounting adjustments used to record revenues and expenses in the proper accounting period. Accrued revenues have been earned but not received, while deferred revenues have been received but not earned. Similarly, accrued expenses have been incurred but not yet paid, while deferred expenses relate to prepaid amounts that have not yet been used.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
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    of 42

    CHAPTER 2 CONTINUED

    THE ACCOUNTING CYCLE:


    ACCRUALS AND DEFERRALS
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