cash and accrual methods of accounting

Jun 14th, 2016
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The short paper explains what the two methods are and how they are recorded. it takes a random company that has chosen t use the cash method and explains why and looks at the advantages and disadvantages of inhouse accounting versus outsourcing.

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CASH VERSUS ACCRUAL METHOD.The cash method of accounting is a method used to keep track of a businesss income andexpenses. This method is mostly used in small businesses; income and expenses are recordedexactly when the cash or check is received and when paid out respectively. This is despite thedate the service was done or the goods delivered.The accrual method of accounting on the other hand records transactions when orders are placedand delivery occurs or when a service is rendered. An income is recorded when a service iscompleted or goods are delivered. An expense is recorded whe

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