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For Scottish trainees: What do you think impedes change in Scottish primary schools?
Recorded When Incurred
An accounting principle that stipulates expenses should be recognized in the financial statements in the period they are incurred, regardless of when the cash payments are made.
Adjusting Entries
Journal entries made at the end of an accounting period to update account balances before financial statements are prepared.
Account Balances
The total amount of money in a financial account, calculated by adding all credits and subtracting all debits.
Expense Recognition Principle
An accounting principle that expenses should be recognized in the period in which they are incurred to produce revenues, aligning expenses with corresponding revenues.
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