Accruals Are Needed When an Unrecorded Expense Has Been Incurred

question 91

True/False

Accruals are needed when an unrecorded expense has been incurred or an unrecorded revenue has been earned.

---

Definitions:

Defamation

A false statement made about someone, causing harm to their reputation; can be libel (written) or slander (spoken).

College Newspaper

A publication produced by students of a college or university, typically including news, reports, commentary, and often campus-related issues.

Income

Money or other forms of payment received, typically on a regular basis, for work or through investments.

Conversion

An act of taking possession of someone else’s property and using it unlawfully as if it were one's own.