Question

Omar is setting up his company in quickbooks and selects the accrual basis of accounting. how will his business record income and expenses?

Answer 1

Omar is setting up his company in QuickBooks and selects the accrual basis of accounting. income is recorded when sales are made; expenses are recorded when incurred while his business record income and expenses.

Accrual accounting is a method of accounting in which revenue or expense is recognized when a transaction occurs, rather than when payment is made. This method follows the matching principle that income and expenses should be recorded in the same period.

Basic knowledge of debits and credits and what goes on behind the scenes. To use a QuickBooks backup file, you must restore it first. All commands accessible from the home page can also be found in the menu bar.

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