![]() ![]() Accruals are important because they help to ensure that a company's financial statements accurately reflect its true financial position, even if it has not yet received payment for all of the services it has provided or paid all of its bills. Journal: A journal is a detailed account that records all the financial transactions of a business, so that they can then be used for future reconciling of and transfer to other official. This can include things like unpaid invoices for services provided, or expenses that have been incurred but not yet paid.
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