AVBK Practice Assessment 1 Task 3 - Accrual Reversal Date

rc90
rc90 Registered Posts: 1
Hello,

Looking for some help with one of the answers in the practice assessment.

The question asks for the date of the reversal of an accrual. I answered 01/04/20X7 but the model answer says the correct date is 01/04/20X6.

I've referred back to my textbook but it doesn't deal with dates for accrual reversals. I'd just like to understand why this date is used as it is driving me mad!





Comments

  • Pian32
    Pian32 MAAT Posts: 471
    You reverse the accrual at the start of the next accounting period. If the end of the accounting period is 31st March 20X6 then the next one starts one day later 1st April 20X6
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