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Difference between cash basis accounting and accrual basis

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Reference no: EM132782321

Matching Concept: Every transaction have 2 aspects and it affects Dr. and Cr. both side, and therefore this rule says Expense should be recorded when that expense help to generate revenue.

Prepaid Expense: Prepaid expense means expense which has been paid but not yet accrued. it should be shown on the balance sheet. Journal of Prepaid Expense; Prepaid Expense ...........Dr. Expense...................Cr.

problem 1: Difference between cash basis accounting and accrual basis

Reference no: EM132782321

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