Question

accural concept in accountancy​

Answer 1

Answer:

is the most fundamental principle of accounting which requires recording revenues when they are earned and not when they are received in cash, and recording expenses when they are incurred and not when they are paid.

Explanation:

Answer 2

Answer:

Revenue is recorded when sales are made or services are rendered and it is immaterial whether cash is received or not.

Explanation:

In accounting, accrual basis is used for recording of transactions. It provides more appropriate information about the performance of business enterprise as compared to cash basis. Accrual concept applies equally to revenues and expenses.