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.
1. Reasons to accrue for expenses. In accounting, the matching principle states that expenses are to be matched with revenues. In practice this means that all expenses associated with generation of revenues within a month (quarter, year) should be included in the income statement in the same period as the revenues.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.