Get the right concept about Accrual Vs Cash Basis (Video Lecture)
Useful websites to learn more about Accrual and Cash Basis Sources
Generally accepted accounting principles (GAAP) require that http://www.principlesofaccounting.com/ch a business use the accrual basis. Under this method, revenues and expenses are recognized as earned or incurred, utilizing apter3/chapter3.html#Accrualvs the various principles introduced throughout this chapter. An alternative method in use by some small businesses is Video Lecture included the cash basis. The cash basis is not compliant with GAAP……. (Recommended reading site)
Financial accounting is required to follow the accrual basis of accounting (as opposed to the "cash basis" of accounting). Under the accrual basis, revenues are reported when they are earned, not when the money is received…….
Video Lecture included The accrual based accounting definition, or accrual basis accounting, forms a method of recording financial http://www.wikicfo.com/Wiki/Default.aspx transactions based on economic impact…..
Cash basis accounting is a method of recording financial transactions which records transactions only when cash has been exchanged between parties…… C erti f i ed Publ i c Accountants
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