Accrual adjustments impact an asset and revenue account,or a liability and expense account.

Name: Accrual adjustments impact an asset and revenue account,or a liability and expense account.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Accrual adjustments are made to record revenues or expenses in the period in which they are earned or incurred, regardless of whether the corresponding cash inflows or outflows have occurred. This can result in an increase in the asset or revenue account, or a decrease in the liability or expense account.

Accrual Adjustments Impact an Asset and Revenue Account,or a Liability