5 ms·
this is the currently-accepted way of doing accounting Cash basis is also accepted, and generally used by very small businesses where accrual accounting is too
by cbr 9y ago
this is the currently-accepted way of doing accounting
Cash basis is also accepted, and generally used by very small businesses where accrual accounting is too complicated.
- colorint 9y agoCash basis is accepted for the purposes of taxes, but my understanding is that it's not acceptable for legally-mandated reporting. That is, cash basis is not among the generally accepted accounting principles.