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Answer is TRUE.
Accrual basis accounting—uses the adjusting process to recognize revenue when earned and to match expenses with revenues. This means the economic effects of revenues and expenses are recorded when earned or incurred, not when cash is received or paid.
accural expenses is the fixed cost which remain constant recurring irrespective of revenu accrual
False. Accrual-basis of accounting means recognizing / recording of revenues when earned and expenses when incurred. Hence it include specific expenses not directly related to a particular revenue earned during the period. This is needed as it shows faithful representation of the effects of transactions and also to adhering to compliance required presenting F/S
Wrong, expenses when incurred without having any related revenue.
Accrued basis revenue and expenses non cash related revenue and expenses whose are earned and incurred
False.Accrual means recognition of revenue and cost as they are earned or incurred and not as money received or paid.
True...this is just recording of transaction of income and expenditure..
False
Recording revenues when earned - "True"
Recording expense with their related revenue- " True"
(i.e. Selling of FINISHED GOODS, upon delivery we recognized Revenue accordingly we record expense as Cost of Sales.)
It is Trure
As far as Revenue is concern you are right.but expense is recognized when incurred irrepective of revenue earned....
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