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Theory Base of Accounting — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountTheory Base of Accounting1 Mark
Question
Explain Accrual Concept.
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Answer

According to the Accrual Concept, a transaction is recorded in the books of account at the time when it is entered into and not when the settlement takes place. For example, sales made on credit will be recorded in the books of account on the date of sales, not when the amount is received.

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