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Unlocking the Language of Accounting: Understanding Common Terms

SMBAccountant

MARCH 6, 2024

Cash vs. Accrual Accounting Cash accounting records transactions only when cash changes hands, providing a real-time view of cash flow. In contrast, accrual accounting records transactions when they occur, offering a more accurate depiction of the company’s financial position over time by matching revenues with expenses.

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Basic Accounting for a Small Business: Bookkeeping and Accounting Basics

Snyder

JANUARY 3, 2023

Cash based method records the actual inflow or outflow of money from your accounts, while the accrual method anticipates revenue and expenses. However, for small businesses, the cash based method of accounting is more commonly used as it’s more straightforward and simpler to execute. Record transactions in accounting books.

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Unlocking the Language of Accounting: Understanding Common Terms

Basic Accounting for a Small Business: Bookkeeping and Accounting Basics

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