Difference btw acruel basis and cash …
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Yogita Ingle 6 years, 7 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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