Rent for the month of march 2019 is not paid. Under which accounting concept it should be recorded as expense for the year ending 31 march 2019
plz give answer in two to three lines
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Rent for the month of march 2019 is not paid. Under which accounting concept it should be recorded as expense for the year ending 31 march 2019
plz give answer in two to three lines
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Answer:
Here is your Answer
Explanation:
Accorfing to Accrual Concept,
As according to this basic concept . Revenue is recognized when earned, and expenses are recognized when assets are consumed.