Hi,

Can you please explain me the meaning of Accurals.
Perticularly Audit Accurals.

Thanks in Advance

Thanks & Regards
Venkat

An accrual is a real expense incurred
For the period that has not surfaced as yet
But will take place for sure in the near future.

Take the audit expense .
The books are about to be closed, as in previous years the audit fee has NOT been paid.
It is therefore necessary to accrue an
Audit fee expense before final closure.