accounting






 

Question by  larry28 (4)

What are accruals and prepayments?

 
+6

Answer by  joba1120 (39)

An accrual is an expense that you have not paid for yet, but have received the goods and services for as of year end. A prepayment is the opposite.

 
+6

Answer by  Kbrece (107)

At year end these represent balance sheet items. Accruals are expenses not yet paid, and prepayments are payments made that have not yet been expensed.

 
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