Acrual

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December 11, 2017 at 8:55 am #422487
iyamu
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Amount received plus closing acrual less opening acrual.

Sir could you explain to me what do this basic accounting means by amount received. I have forgotten though I have passed f3 but I just need it to help me resolve F6 question.
December 12, 2017 at 8:06 am #422646
John Moffat
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The cash received plus the amount still owing to us (the closing accrual) less the amount that was owing to us at the beginning (the opening accrual) will be the actual income for the year.
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