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Give two difference between cash basis …

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Give two difference between cash basis and accrual basis of accounting

Posted by Prashant Singh 6 years, 10 months ago

CBSE > Class 11 > Accountancy

1 answers

Yogita Ingle 6 years, 10 months ago

Cash Basis of Accounting	Accrual Basis of Accounting
Only cash transactions are recorded in the books of accounts	All cash and non-cash transactions are recorded in the books of accounts
Correct profit or loss is not ascertained because it records only cash transactions	Correct profit or loss are ascertained because of the complete record of all the transactions
Entries are made only when cash is received or paid	Entries are made on accrual basis i.e. all transactions are recorded in the books of accounts whether incurred or earned
It is rarely used	It is widely used
It is recognised under Companies Act, 1956	It is not recognised under Companies Act, 1956

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