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1. What is the difference between the cash and accrual method of record keeping?
The cash method involves recording transactions as the amounts are actually paid or received, The accrual method involves recording all amounts issued in an invoice for the income year, even if payment has not yet been received or paid.
The accrual method involves recording transactions as the amounts are actually paid or received, not what should be paid or received in the financial year. The cash method involves recording all amounts issued in an invoice for the income year, even if payment has not yet been received or paid.
The accrual method involves recording transactions as the amounts are actually paid and received, not what should be paid of received in the financial year. There is no cash method as all payments in cash do not have to be recorded.
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