The concept of accruals and prepayments
Accruals and prepayments stand on the basis of the double-entry bookkeeping system and modern financial accounting. Accruals/Prepayments The accruals concept is often used to refer to both accruals (outstanding or unpaid expenses) and prepayments (payments in advance) (payments in advance). You may recall that previously in this section, we examined some of the accounting principles […]