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  • AC10

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    Dahyun Dahyun
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    Cash basis is a system of reporting revenues when received in cash and expenses when paid in cash, rather than when the underlying transaction occurs. It records financial transactions only when cash is involved, as opposed to when the obligation or right to receive payment arises. This method provides a simple way to track cash flows but does not follow accrual accounting principles of matching revenues to the periods in which they are earned and expenses to the periods in which they are incurred.

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    reviewer in accounting

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    Cash basis is a system of reporting revenues when received in cash and expenses when paid in cash, rather than when the underlying transaction occurs. It records financial transactions only when cash is involved, as opposed to when the obligation or right to receive payment arises. This method provides a simple way to track cash flows but does not follow accrual accounting principles of matching revenues to the periods in which they are earned and expenses to the periods in which they are incurred.

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    © All Rights Reserved
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    17 views1 page

    AC10

    Uploaded by

    Dahyun Dahyun
    Cash basis is a system of reporting revenues when received in cash and expenses when paid in cash, rather than when the underlying transaction occurs. It records financial transactions only when cash is involved, as opposed to when the obligation or right to receive payment arises. This method provides a simple way to track cash flows but does not follow accrual accounting principles of matching revenues to the periods in which they are earned and expenses to the periods in which they are incurred.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    of 1

    Cash basis

    System of reporting revenues and expenses at


    the time they are collected or paid,
    respectively

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