Definition: "Actual" in accounting refers to a specific item or transaction that has been recorded in books, but has not yet been completed or received by an entity. It can be defined as "specific," "actual," or "objective." The term "actuals" is often used when discussing transactions that have not yet taken place and are being prepared for future use. In accounting terminology, actuals are usually recorded in the balance sheet as a separate column, next to items like inventory and accounts receivable, which show the amount of money outstanding at the end of an accounting period. For example, if a company has just received payment for goods or services, the actuals may be recorded as "Received" on the balance sheet. However, since actual transactions are not yet complete, this record is considered an actual entry and would appear under the "Received" column in the balance sheet. This concept of accounting "actuals" is important because it helps to ensure that all transactions are accurately reflected in the financial statements and that management can make informed decisions about future operations. In summary, "Actual" refers to a specific transaction or item that has not yet been completed and is being prepared for future use. It can be defined as "specific," "actual," or "objective." The term "actuals" is often used when discussing transactions that have not yet taken place and are being prepared for future use, especially in accounting terminology. I hope this helps clarify the concept of "Actuals." If you have any further questions, please feel free to ask!

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