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Cash Basis
Cash basis is an accounting method where revenues and expenses are recorded only when cash is received or paid, regardless of when the transactions occurred.
Accounting Period
A specific time period at the end of which an entity prepares financial statements to assess its financial performance and position.
Budgeting
The process of creating a plan to spend your money, allocating the estimated income towards various categories of expenses.
Financial Statements
Summary reports that convey the financial activities and condition of a business or individual.
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