Accrued revenues: Accrued revenues are revenues earned in a period but have yet to be recorded and no money has been collected. Accrued revenues are updated at the end of the period to recognize revenue and money owed to the company. Discuss the adjustment process of accrued revenue.

 Accrued expenses: Accrued expenses are incurred in a period but have yet to be recorded and no money has been paid. Accrued expenses are updated to reflect the expense and the company$’$s liability. Discuss the adjustment process for accrued expenses.

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Adjusting for Accrued Revenue and Expenses Accrual accounting is a method that recognizes revenue earned and expenses incurred regardless of when cash is received or paid This ensures a more accurate ... View the full answer