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    garikapati_v's Avatar
    garikapati_v Posts: 1, Reputation: 1
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    #1

    Jun 15, 2007, 01:35 AM
    Meaning of Accurals in Accounting Terminology
    Hi,

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

    Thanks in Advance

    Thanks & Regards
    Venkat
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
    Ultra Member
    		  
    #2

    Mar 10, 2009, 02:35 AM

    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.
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