Accrual Basis:
A process of accounting that recognizes the impact of transactions on the financial statements in the time periods when revenues & expenses occur instead of when cash is received...
Advantanges of the modified cash basis of accounting Simple, cheap and easily understood Doesnot involve estimating unlike accrual The method facilitates monitoring of actual against budgets where...
Accrual Accounting recognizes business transactions when they are occurred not when the related cash is received or a payment is made. Cash accounting is a completely opposite. In cash accounting...