Unformatted text preview: As for cash basis accounting, the company will record the transaction when the cash is actually received. The difference between the two, I believe is when it is recorded on paper. The recording is what the company refers to, to check when revenue and expenses take place instead of when or how they were received. Recording the data as it happen or when it is needed to be recorded keeps the company in the loop of the revenue and expense the company has....
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- Spring '11
- Income Statement, Cash Basis, Generally Accepted Accounting Principles