Question

Basic accounting actual cash recipet and actual cash payment are recored

Answer 1

Answer:

In cash basis of accounting, actual cash receipts and actual cash payments are recorded in the books of accounts.

Answer 2

Answer:

Accrual accounting is a financial accounting method that allows a company to record revenue before receiving payment for goods or services sold or expenses are recorded as incurred before the company has paid for them.

In other words, the revenue earned is recognized on the company's accounting books regardless of when cash transactions have occurred. Accrual accounting is one of two accounting methods; the other is cash accounting. Cash accounting only records the revenue when the cash transaction has occurred for the goods and services