Department of English & Foreign Languages. The Department of English shares a broad objective with other departments in the School of Humanities and Social Sciences: to teach the skills which will enable you to interpret, evaluate, and, in your own way, change your world.
In short, GAAP requires accrual accounting rather than cash accounting, because the accrual basis better fits the defined objectives of the Financial Accounting Standards Board (FASB). Accrual accounting requires companies to record transactions in the time period in which financial events occur.
You can accrue for such expenses. An accrual (a liability accrual) means recording expenses incurred but unpaid by month (quarter, year) end. In cases when no source document is available to support the amount of accrual, the accrual can be estimated based on history and other known information.he utility bills for the period from March 21 to April 20 will not be received until after April 20. Still, Company ABC used utilities for the full month of March or 31 days. The utilities for the first 20 days were paid during March. The remaining 11 days (from the 21st to the 31st) remain unpaid as of March 31.