Meaning of Accrued Expenses In the mercantile system of accounting, expenses are recorded on an Accrual basis. The expenses pertaining to any particular year must get Debited to the respective year. Therefore the expenses incurred in the current year, but the invoice is not received from Vendors are Accrued Expense or the Provision is made for these expenses. What is Accrual Accounting? In the mercantile system of Accounting, the expenses must get accounted for or Debited in the same year/period, for which those are pertaining. And will not get Debited…
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