Accrual Basis Definition
Accrual basis is a method of accounting in which income is reported as earned even if it has not been physically received.
Accrual Basis Extended Definition
Under the accrual basis, expenses are recorded when they occur, not when the expense is paid.
Although the accrual basis may be more complicated and time-consuming, business owners may find it easier to keep track of inventory, accounts receivable, and accounts payable.
Accrual basis accounting is also known as accrual accounting.
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