AccountingCode 7707
Other payables and other receivables
What this topic asks you to be able to do
- why it matters that costs and revenues are matched
- how accruals and pre-payments are used to put the matching / accruals concepts into practice
- the steps for drawing up journal entries and ledger accounts that capture accrued and prepaid expenses
- the process of producing journal entries and ledger accounts that book accrued and prepaid incomes