Accrual Concept Accounting Homework Help
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Accounting is keeping records of all the transactions performed by a company. These transactions can be cash inflow or out flow. On basic terms either the transaction is done on cash terms or on accrual basis. Accrual Concept accounting homework help is an initiative from our experts to make the students aware about the perks and flaws of accrual accounting. Recording the revenues when they are earned and not recording them when they are in cash is called as accrual concept of accounting. So basically when the revenue is incurred, it is recorder and nit recorded when it is paid.
GAAP instructs regarding the preparation of financial statements in the terms of accrual basis and not on cash basis. The period to which the transactions are related are easy to extract from the accrual basis system which is not that easy in the case of cash based system. From accrual based system, our Accrual Concept Accounting homework help experts say, a person get exact and correct information about the liabilities, incomes, assets and retained earnings of a firm. This classifies the firm’s financial position and performance over a due period of time. Adjusting journal entries are introduced by the firm at the end of each reporting period in order to record any accruals. Utility expense accrual, interest expense accrual, salary and wages accrual, etc. area few examples for adjusting journal entries.
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The following examples compiled by our Accrual Concept Accounting homework help elaborate the accrual concept in detail.
1. A bus service sells its tickets days or even weeks before the journey is scheduled. But it restricts to record the receipts as revenue because the bus on which the revenue is based has not occurred yet.
The bus journalizes receipt of cash as follows
Unearned revenue XYZ
Unearned revenue is also called as the current liability which is differentiated when the bus is made.
Unearned revenue XYZ
2. A bank obtained its office on lease and paid $1, 20,000 on January 1 as final rent. As the building is still unused it does not record the payment as an expense and rather it records the payment as prepaid rent. This prepaid rent is a current asset.
Prepaid rent JKL
The bank identifies the rent expense over the due course of time. For example, while making its quarterly income statement on March 31, the bank expenses out two months’ rent i.e. 20,000 (= $120,000/12 × 2] as 2 months of time has expired certainly (from 1 January till 31 March).
Rent expense JKL
Prepaid rent JKL
Benefits and importance of the accrual approach
1. . All the expenses related to the reported revenues for a specific period of time are showed in financial statements under accrual concept of accounting.
2. It satisfies the protocols provided by GAAP & IFRS. It maintains the accounting standards provided by them.
3. It is also one of the general assumptions while decrypting the financial statement by different users.
4. The comparison method is also one of the major benefits regarding this. The financial entity of one when compared to other is an ability that is restricted.
5. Much accurate and reliable financial information can be achieved.
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