What are accruals and deferrals - SS1 Accounting Adjustments In Profit And Loss Account Question
What are accruals and deferrals?
A
Adjustments made to recognize revenue or expenses that have already been recorded
B
Adjustments made to recognize revenue or expenses that have not been recorded yet
C
Adjustments made to recognize revenue only
D
Adjustments made to recognize expenses only
correct option: b
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