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What is Cash Basis vs. Accrual Accounting Explained about?

The document discusses the cash basis and accrual basis of accounting. The cash basis records revenues when cash is received and expenses when cash is paid, while the accrual basis records revenues when earned and expenses when incurred. Adjusting entries are necessary under the accrual basis to record revenues and expenses in the proper period, but are not needed under the cash basis. Examples are provided to illustrate the different accounting treatments.

Author

hassan taimour

Language

EN