Month-end closing: The work that is performed at the end of a posting period.
Functional area: An organizational unit in Accounting that classifies the expenses of an
organization by functions such as: Administration Sales and distribution Marketing Production Research and development Meaning of Accrual and Deferral Accrual: An accrual occurs before a payment or receipt transaction. There are accruals for expenses and for revenues. An accrual of an expense refers to the reporting of an expense