What is the difference between Cash Basis vs. Accrual Basis financial statements?

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may know "cash basis" says is. don't record in accounts until cash comes in. example, if have sold , not received cash it, on account. in cash basis, not record in accounts until receive money. in "accrual basis" still record because has "accrued" or taken place. rule in place various financial transactions such depreciation well. remember when set books must select 1 method or other , stick it. "accrual" seems work better large inventory or manufacturing type businesses. "cash bases" seems work smaller service type businesses.

luck in quest.

what difference between cash basis vs. accrual basis financial statements?


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