Summary of Accrual basis of accounting
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Accrual accounting
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Accrual accounting is where a business records revenue or expenses when a transaction occurs using the double-entry accounting method.
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Adjusting entries are journals made at the end of an accounting period. Adjusting entries ensure income and expenditure is allocated to the correct period.
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Accounting methods are important to understand especially if you own a business. Business owners use either cash or accrual accounting methods, whether they know it or not.
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FINANCIAL MANAGEMENT CONCEPTS IN LAYMAN’S TERMS
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This blog post is a comparison between Cash accounting and accrual accounting, the pros and cons of cash accounting and its implications.
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Accrual Vs. Cash Basis: Which Is Better for Small Business? https://tmdaccounting.com/cash-vs-accrual-basis-of-accounting-whats-best-for-small-business/
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