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Cash Basis |
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Cash basis Refers to the accounting method that recognizes revenues and expenses when cash is actually received or paid out. Cash Basis A system of accounting that recognizes revenue in the order in which it is received, and expenses on the same basis. Cash basis accounting does not deal with accounts receivable or accounts payable and only recognizes transactions actually paid for. This accounting system is easiest and perhaps best for organizations with few or no credit sales. See also: Accrual Accounting Convention. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Modifications to the "pure" cash basis of accounting are acceptable it they are equivalent to the accrual basis and the modifications are logical. is a C corporation that reports on the cash basis and uses a calendar year. Cash basis, modified cash basis and regulatory basis financial statements for various kinds of entities |
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