Question

in cash basis expenses are recorded​

Answer 1

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Revenue is reported on the income statement only when cash is received. Expenses are only recorded when cash is paid out.

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Answer 2

Answer:

One of the differences between cash and accrual accounting is that they affect which tax year income and expenses are recorded in. Using cash basis accounting, income is recorded when you receive it, whereas with the accrual method, income is recorded when you earn it.

Explanation:

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