Accounting can be based on either the cash basis or the accrual basis.

Name: Accounting can be based on either the cash basis or the accrual basis.
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Accounting can be based on either the cash basis or the accrual basis. The cash basis recognizes revenues and expenses only when cash is received or paid, while the accrual basis recognizes revenues and expenses when they are earned or incurred regardless of when cash is received or paid.

Accounting Can Be Based on Either the Cash Basis or the Accrual