Accounting 101 for Beginners: Basic Terminology & Definitions

Generally accepted accounting principles (GAAP) requires accrual accounting. Accrual basis accounting (or simply “accrual accounting”) records revenue- and expense-related items when they first occur. Accrual accounting recognizes that $2,000 in revenue on the date of the purchase. The method contrasts with cash basis accounting, which would record the $2,000 in revenue only after the money… Continue a ler Accounting 101 for Beginners: Basic Terminology & Definitions

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