ACCOUNTING BASICS : Accrual Basis of Accounting Vs Cash Basis of Accounting with EXAMPLES (2024)
Accrual basis of Accounting means - Where any income or expense is recognized when it is earned or incurred, irrespective of the time when it is paid or collected.
Cash basis of Accounting means - where any income or expense is recognized only when there is an inflow or outflow of cash.
The key difference between the accrual and cash methods relates to the timing of revenue and expenses, when they’re earned or incurred and when they’re received or paid.
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