The major difference between cash-basis accounting and accrual-basis accounting is when the business recognises revenue and profits.

Name: The major difference between cash-basis accounting and accrual-basis accounting is when the business recognises revenue and profits.
Brand: Quizplus
Rating: 4.8 (30 reviews)

Question

Quizplus · Accepted Answer

Cash-basis accounting recognises revenue and profits when cash is received or paid, while accrual-basis accounting recognises revenue and profits when they are earned or incurred, regardless of when cash is received or paid.

The Major Difference Between Cash-Basis Accounting and Accrual-Basis Accounting Is