Cash basis of accounting

[nedved]

Cash basis of accounting principle, which means that receipts and expenditures are accounted for at the time of receipt and payment

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[newworld]

CASH BASIS OF ACCOUNTING - The accounting basis in which revenue and expenses are recorded in the period they are actually received or expended in cash. Use of the cash basis generally is not considered to be in conformity with generally accepted accounting principles (GAAP) and is therefore used only in selected situations, such as for very small businesses and (when permitted) for income tax reporting.