What is the difference between cash-basis and accrual basis of accounting? Provide one example.
Question:
What is the difference between cash-basis and accrual basis of accounting? Provide one example.
Accounting Principles:
Accounting principles guide the accounts and other related professionals to record business transactions so that the accounting process can be the same all over the world.
Answer and Explanation: 1
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View this answer| S.N | Cash-Basis | S.N | Accrual Basis |
|---|---|---|---|
| 1 | Only cash transactions are recorded. | 1 | Both the cash and credit... |
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What Is GAAP? - The Generally Accepted Accounting Principles
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Chapter 1 / Lesson 3Explore the Generally Accepted Accounting Principles. Learn the definition of GAAP in accounting and discover its history. Understand the ten basic GAAP rules.
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