Examlex
Which of the following is true of incomplete constructions?
Accruals
Accounting adjustments for revenues that have been earned or expenses that have been incurred but have not yet been recorded through a cash transaction.
Accrual Accounting
Accounting method that records revenues and expenses when they are incurred, regardless of when cash is exchanged.
Cash Basis Accounting
An accounting method recording transactions when cash is received or paid, irrespective of when revenues or expenses were incurred.
Adjusting Entries
End-of-period accounting insertions to correctly allocate revenues and costs to the specific timeframe in which they occurred.
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