Explain How "Accruals" Are Used in Financial Reporting

question 116

Essay

Explain how "accruals" are used in financial reporting. Provide an example to support your discussion.

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Definitions:

Businesses Money

Financial resources owned or used by a business to operate, expand, and achieve its objectives, including revenue, investments, and loans.

Part Time

describes a form of employment with fewer hours per week compared to full-time positions, often offering lower income and fewer benefits.

Socialization Agents

Individuals, groups, or institutions that contribute to the social development and cultural learning of others.

Influential

Having the capacity to have an effect on the character, development, or behavior of someone or something, or the power to cause changes.