Cash Basis Accounting vs Accrual Accounting

This video explains the difference between the Cash vs Accrual Basis of accounting. You get detail in a video about the differences and uses of cash basis and accrual accounting.

While doing bookkeeping for your small business you can choose between two different account methods known as cash and accrual bases of accounting. On an accrual basis income is recorded when earned and expenses are recorded when incurred irrespective of whether cash is received or paid or not. While on a cash basis you can only record when income in cash is received and expenses are paid.

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