Differentiate between: i) Accruals and Prepayments ii) Working Capital and Capital Employed iii) Revenue and Capital Expenditure iv) Materiality and Historical Cost Concept v) Carriage inwards and Carriage outwards(10 Marks) 

Answer rating: 100% (QA)

i Accruals vs Prepayments Accruals Accruals refer to expenses that have been incurred but not yet paid or revenue that has been earned but not yet received They are recorded to match expenses with rev... View the full answer