cash basis

Thesaurus

Noun

cash basis - a method of accounting in which each item is entered as payments are received or madeaccounting system, method of accounting, accounting - a bookkeeper's chronological list of related debits and credits of a business; forms part of a ledger of accountsaccrual basis - a method of accounting in which each item is entered as it is earned or incurred regardless of when actual payments are received or made

Cash Basis

A method of accounting that considers only money actually received as income and only money actually paid out as expense.

For Income Tax purposes, taxable income is computed under cash basis accounting as the difference between income received and expenses paid out within the tax year.

Cash basis accounting is not the same as Accrual Basis accounting.

Cash basis

Refers to the accounting method that recognizes revenues and expenses when cash is actually received or paid out.

Cash Basis Accounting

A system of accounting that recognizes revenue in the order in which it is received, and expenses on the same basis. Cash basis accounting does not deal with accounts receivable or accounts payable and only recognizes transactions actually paid for. This accounting system is easiest and perhaps best for organizations with few or no credit sales. See also: Accrual Accounting Convention.

cash basis

noun

Antonyms for cash basis

noun a method of accounting in which each item is entered as payments are received or made

Related Words

accounting system
method of accounting
accounting

Antonyms

accrual basis

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