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So, the income can be counted before obligations are resolved? Tradesmen can "earn" large amounts of money in short periods of time under this definition, as t
by amalcon 17y ago
So, the income can be counted before obligations are resolved? Tradesmen can "earn" large amounts of money in short periods of time under this definition, as they're often paid half up-front to fund materials, but they still need to do work in order to "earn" that money.
- koolkelso 17y agoWell it depends on the method of accounting you're business would need or want to use, but in a monetary sense, then yes, it can be counted as cash made as soon as the money, not the product, is delivered.