hi,
anyone can clarify, correct or add on to the below.
1) accrual - from dictionary it says the act of accumulating. in accounting world, its for expenses we make before it happens. its a liabilities.
2) can i say accrual = provision?
3) deferral - from dictionary it says the act of postpone, put off. in accounting world, its for revenue we receive in advance but only to realise in future and not the time it is received. it is still a liabilities but against revenue.
4) can i say deferral = advance?
many a thank