Question
Which of the following accounting concept is the same as
the accrual concept?Solution
Accrual accounting and mercantile accounting are the same concept, referring to the method of recording revenue and expenses when they are earned or incurred, regardless of when cash is exchanged. This approach provides a more accurate picture of a company's financial position. It is supported by the double entry accounting system. Within the double-entry bookkeeping process, any accrued expense is considered the liability of the firm and accrued revenue is considered business assets.Â
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