Bases of Accounting Accounting, Finance, SPSS Essay (Essay Sample)
Differences Between the Cash and Accrual Bases of Accountingsource..
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Differences Between the Cash and Accrual Bases of Accounting
In all businesses, the transactions that are captured in the books of accounts are only those that re money-related. There are two systems of accounting by which transactions are recorded, namely the cash accounting system and the accrual accounting system. One of the differences between the two systems is made manifest in the timing, i.e., recording in cash accounting is done when there is inflow or outflow of cash (Warren 45). On the other hand, the accrual method of accounting records inflow or outflow of money instantly when it arises. Most certainly, in cash basis, bookkeeping entries are made when payment is received or paid, while in the case of accrual accounting the entries are recorded as and when the amount is due.
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