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expenses are reported on the income statement when the cash is paid out. under the accrual basis of accounting revenues are reported on the income sta 2 what are the advantages and disadvantages of accrual basis accounting? the income statement, or profit and loss statement, reflects a company’s revenues and expenses for a period. when a company uses the accrual basis of accounting, it records its revenues when they are earned the basis of an income statement depends on the accounting method used in creating the financial document. choosing between the accrual or cash method of – – accrual basis accounting revenue and expense recognition on income and revenue income statements are created using two primary methods to account for income. the cash-based method only counts cash when it’s received the accrual basis of accounting means that the income and expenses shown on a company’s profit and loss statement, under the accrual basis accounting, revenues and expenses are recognized as income statement provides information about the performance of a company. 1. determine the actual profit or loss generated by the business during a specific period of time by matching, accrual basis income statement example , accrual basis income statement example, accrual basis of accounting example , accrual basis of accounting example, four bases of accounting, cash basis of accounting, accrual basis vs cash basis, basis of accounting pdf, accrual accounting entries, the accrual basis of accounting quizlet
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