Sample Essay

The concept implies, to match all the expenses of a period to the revenues of that period when such costs and income have occurred, and are referred to as accrued expenses.

While in the going concern concept it is assumed that a business will continue to operate and will not wound in the foreseeable future i.e. the business is a permanent venture. However, a company can come across problems, while applying the two concepts I.e. the accruals and the going concern concept.

When arriving at the valuation of assets it is sensible to stick to the accrual concept.

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