cash basis


Also found in: Thesaurus, Legal, Financial.
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.cash basis - a method of accounting in which each item is entered as payments are received or made
accounting system, method of accounting, accounting - a bookkeeper's chronological list of related debits and credits of a business; forms part of a ledger of accounts
accrual 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
References in classic literature ?
Of course, this only set back the day of reckoning and seduced us into spending more than we would have spent on a cash basis.
The government generated a fiscal surplus on a cash basis of e1/4147.
The GFOA Award Program for Small Government Cash Basis Reports is happy to announce a first-time winner of the award: the City of Junction City, Oregon.
The cash basis scheme can be used by sole traders and other unincorporated businesses with an annual income of less than Au79,000 to simplify their accounting processes, saving both time and money.
HMRC's Carol Lunney said: "The cash basis and simplified expenses schemes can help save small businesses time and money.
Thus it is important that accounting students understand the differences between the cash basis and accrual basis of accounting and how to convert one to the other.
The court stated any cash-basis taxpayer assumes that risk, and that is exactly why the disallowance of the deduction is a change from the accrual basis to the cash basis of accounting.
6 billion TL revenue was collected on a cash basis and non-interest expenditure was performed as 18.
Revenue on the accrual basis is recognized when earned, while under the cash basis it is recognized when collected.
In addition, the cash basis IPSAS, Financial Reporting under the Cash Basis of Accounting, has been updated to include both required and encouraged disclosures that apply to entities that adopt the cash basis of financial reporting.
Most professional practices maintain accounting records on a cash basis, reporting revenues when received from patients or clients and expenses when paid.
404(a)(5) effectively puts the company on a cash basis for purposes of deducting such payments.