What does cash basis accounting mean?
Definitions for cash basis accounting
cash ba·sis ac·count·ing
This dictionary definitions page includes all the possible meanings, example usage and translations of the word cash basis accounting.
Wikipedia
cash basis accounting
A basis of accounting is the time various financial transactions are recorded. The cash basis (EU VAT vocabulary cash accounting) and the accrual basis are the two primary methods of tracking income and expenses in accounting. Both can be used in a range of situations, from the accounts of a whole country or a large corporation to those of a small business or an individual. In many cases, regulatory bodies require individuals, businesses or corporations to use one method or the other. When this is not the case, the choice of which to use is an important decision, as both methods have advantages and disadvantages.
Editors Contribution
cash basis accounting
Is an accounting system that recognizes and registers income when it is received and expenses when the expenses are paid.
A number of individuals who run their business use a cash basis accounting system.
Submitted by MaryC on September 17, 2015
Numerology
Chaldean Numerology
The numerical value of cash basis accounting in Chaldean Numerology is: 6
Pythagorean Numerology
The numerical value of cash basis accounting in Pythagorean Numerology is: 8
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"cash basis accounting." Definitions.net. STANDS4 LLC, 2024. Web. 22 Dec. 2024. <https://www.definitions.net/definition/cash+basis+accounting>.
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