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Cash Basis
An accounting method whereby revenues and expenses are recorded when cash is received or paid, rather than when they are incurred.
Accounting
The process of recording, classifying, summarizing, and interpreting financial transactions to provide information that is useful in making business decisions.
Financial Statements
Reports summarizing a company's financial performance and position, including income statement, balance sheet, and cash flow statement.
Depreciation
The process of allocating the cost of a tangible asset over its service life, reflecting the decrease in value over time.
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