Explain about accrued assets, Accounting Basics

Assignment Help:

Q. Explain about Accrued assets?

Accrued assets are assets such like interest receivable or accounts receivable that haven't been recorded by the end of an accounting period. These assets represent privileges to receive future payments that aren't due at the balance sheet date. To show an accurate picture of the affairs of the business on the balance sheet firms recognize these privileges at the end of an accounting period by preparing an adjusting entry to correct the account balance. To point out the dual nature of these adjustments they record related revenue in addition to the asset. We as well call these adjustments accrued revenues because the revenues must be recorded.


Related Discussions:- Explain about accrued assets

International capital budgeting, International Capital Budgeting Ques...

International Capital Budgeting Question 1. How does international capital budgeting differ from domestic capital budgeting? Many firms, when assessing international proj

Bank reconciliation, The cash records and bank statement for the month of M...

The cash records and bank statement for the month of May for Diaz Entertainment are shown below. Prepare the bank reconciliation and record cash adjustments (LO5) Additi

Accounting, what are the basics of accounting

what are the basics of accounting

Asset, exploration costs for mining companies are assts

exploration costs for mining companies are assts

Find out the present value of the profit, Oil production has been proposed ...

Oil production has been proposed for an area along the coast off Southern California. Oil production would jeopardize the use of beaches along 10 miles of coast which are a major v

What do you eman by expenditure, Q. What do you eman by Expenditure? Ex...

Q. What do you eman by Expenditure? Expenditure -- an expenditure takes place when something is attained for a business -- an asset isbought, salaries are paid and so on. An ex

Explain an oligopoly, Oligopoly is a market where the supply is controlled ...

Oligopoly is a market where the supply is controlled by a little group of companies. In this condition, the actions of single company will have a material effect on the entire mark

After the closing entries are posted to the ledger, After the closing entri...

After the closing entries are posted to the ledger, each revenue account will have a zero balance: a. a zero balance, b. a debit balance, c. a credit balance, or d. either a debi

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd