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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

When would revenue and expenses be recorded if a business used the cash basis of accounting? If a business used the accrual basis of accounting?

To determine

Mention the way revenue and expenses would be recorded under cash basis accounting and accrual basis accounting.

Explanation

Cash basis accounting: The method of accounting which recognizes revenues when they are received, and recognizes expenses when they are paid, is referred to as cash basis accounting.

Recording revenue and expenses: Under cash basis accounting, revenue is recorded when it is received, and expenses are recorded when it is paid...

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