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Cash Basis
An accounting method where revenues and expenses are recorded only when cash is received or paid out.
Accrual Basis
An accounting method where revenue and expenses are recorded when earned or incurred, regardless of when cash is exchanged.
Accounting
The systematic and comprehensive recording of financial transactions pertaining to a business, and the process of summarizing, analyzing, and reporting these transactions to oversight agencies and tax collection entities.
Differences
Differences can refer to discrepancies or variations between two or more items, figures, or concepts in various contexts.
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