Basis of accounting
Basis of accounting
1.
Accrual basis of accounting: Accrual basis of
accounting is a method of recording transactions by which revenue, cost, assets
and liabilities are reflected in the accounts for the period in which they
accrue. The basis includes consideration relating to deferrals, allocations,
depreciation and amortisation. It is also called mercantile basis of
accounting.
2.
Cash basis of accounting: cash basis of accounting
is a method of recording transactions by which revenue, cost, assets and
liabilities are reflected in the accounts for the period in which actual
receipts or actual payments are made.
3.
Hybrid or mixed basis: under the hybrid system of
accounting, incomes are recognised as in cash basis of accounting and expenses
are recorded on accrual basis.
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