Outstanding expenses is included in Profit & Loss A/c at the year end according to which concept? a) - (c) Accrual Description: Under accrual concept, The effects of transactions and other events are recognized on mercantile basis i.e. when they occur (and not when cash is received or paid) and they are recorded in accounting records and reported in financial statements of the period to which they relate. - Fundamentals of Accounting Interview Questions and Answers

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Question: Outstanding expenses is included in Profit & Loss A/c at the year end according to which concept? a) Matching b) Full disclosure c) Accrual d) Going Concern

Answer: (c) Accrual
Description: Under accrual concept, The effects of transactions and other events are recognized on mercantile basis i.e. when they occur (and not when cash is received or paid) and they are recorded in accounting records and reported in financial statements of the period to which they relate.

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Question: Outstanding expenses is included in Profit & Loss A/c at the year end according to which concept? a) Matching b) Full disclosure c) Accrual d) Going Concern

Answer:

(c) Accrual
Description: Under accrual concept, The effects of transactions and other events are recognized on mercantile basis i.e. when they occur (and not when cash is received or paid) and they are recorded in accounting records and reported in financial statements of the period to which they relate. Source: CoolInterview.com

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