15.3.9 - Accrual Concept
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Practice Questions
Test your understanding with targeted questions
Define the Accrual Concept in accounting.
💡 Hint: Think about when transactions actually occur.
What is the primary difference between Accrual Accounting and Cash Basis Accounting?
💡 Hint: Consider the timing of recording transactions.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What does the Accrual Concept in accounting state?
💡 Hint: Think about when transactions are actually recognized.
In accrual accounting, when is expense recognized?
💡 Hint: Consider the timing of expense recognition.
1 more question available
Challenge Problems
Push your limits with advanced challenges
A freelancer completes a graphic design project in October worth ₹80,000 and sends the invoice, but the payment is received in December. How should this be recorded?
💡 Hint: Identify the completion date of the service and apply the accrual concept.
A company pays an annual insurance premium of ₹24,000 in January for coverage that runs through December. How should this be reported in each month’s financial statements?
💡 Hint: Remember to spread costs over the period they're applicable.
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