ACCRUAL ACCOUNTING Definition

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ACCRUAL ACCOUNTING see ACCRUAL BASIS OF ACCOUNTING.

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LONG-TERM LIABILITIES are liabilities of a business that are due in more than one year. An example of a long-term liability would be a mortgage payable.

YEAR-END ADJUSTMENT is the process of adjusting the entry to an account at the end of the calendar or fiscal year in order to properly state it for financial statement preparation purposes. The various  required adjustments include accrual or deferral of a revenue or expense item, reclassification, to conform book figures to physical inventory counts, and reflecting unusual transactions.

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