Quickbooks Chapter 6
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Accrual Basis of Accounting
An accounting method that requires the recording of revenue when it is earned and the recording of expenses when they are incurred regardless of cash receipts or cash payments
Cash Basis of Accounting
An accounting method that records revenue when cash is received for services provided or for a product sold, and records expenses only when payments have been made.
Entries recorded in the general journal to offset a balance in an account.
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