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In accounting and finance, an accrual is an asset or liability that represents revenue or expenses that are receivable or payable but which have not yet been paid.. In accrual accounting, the term accrued revenue refers to income that is recognized at the time a company delivers a service or good, even though the company has not yet been paid.
During their 1894–95 season, New Brompton F.C. (known as Gillingham F.C. since 1912) competed in the Southern Football League Division Two. The club had been formed a year earlier but in the inaugural season played only friendly matches and games in the qualifying rounds of the FA Cup and FA Amateur Cup.
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The fundamental accounting equation, also called the balance sheet equation, is the foundation for the double-entry bookkeeping system and the cornerstone of the entire accounting science. Like any equation, each side will always be equal.
If, for example, a project estimate was $1,252,000 for a specific scope and conditions, and at completion the records showed that $1,172,451.26 was expended, the estimate was 6.8% too high. If the project ended up having a different scope or conditions, an unadjusted computation does not fairly assess the estimate accuracy.
Amortization is recorded in the financial statements of an entity as a reduction in the carrying value of the intangible asset in the balance sheet and as an expense in the income statement. Under International Financial Reporting Standards, guidance on accounting for the amortization of intangible assets is contained in IAS 38. [1]
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