What Are Accruals? How Accrual Accounting Works, With Examples
These are called prepaid expenses and are logged as an asset. An example of a prepaid expense is a retainer for a lawyer or consultant. For the past 52 years, Harold Averkamp (CPA, MBA) hasworked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of […]
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