Learn about the standards and procedures for monthly accruals to match expenses with revenues and ensure accurate financial statements.

According to this policy, the purpose of monthly accrual procedures is to allocate expenses to the proper accounting period and match expenses with related revenues. At the close of each month, accrual procedures are needed to ensure that all expenses related to that month are properly included in the company's financial statements. Additionally, payables and accrued liabilities should be recorded at face value plus or minus any interest premium or discount and other appropriate adjustments.