What is the main distinction between pre-paymen... - SS1 Accounting Meaning of Pre- Payments And Accruals & Distinctions Between Pre-Payment And Accruals Question
What is the main distinction between pre-payments and accruals?
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The main distinction between pre-payments and accruals is that pre-payments involve payments made in advance for goods or services that will be received or consumed in the future, while accruals involve expenses or revenue that have been incurred or earned but have not yet been paid for or received.
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