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Cash Basis |
Also found in: Dictionary/thesaurus, Financial | 0.04 sec. |
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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. |
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Modifications to the "pure" cash basis of accounting are acceptable it they are equivalent to the accrual basis and the modifications are logical. is a C corporation that reports on the cash basis and uses a calendar year. Cash basis, modified cash basis and regulatory basis financial statements for various kinds of entities |
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Cash Basis
