Unit X Accounting DB
XXXXXXX XXXX you opened a XXXXXXXXXX in XXXX hometown and you XXXXXXX XX XXXX XXX XXXXXXXXX XXX XXXXXX you XXXXXXX in this XXXXX XXX XX XXXX own accountant. XXXXXXX XXXXXXX you XXXXX prefer XX XXXX your accounting XXXXXXX XX XXX cash basis or the accrual basis. As part of the XXXXXXXXXX, XXXXXXX how and why you selected XXX XXXXX over the other. Must XX XXX words
I would keep my accounting records XX XXXXXXX basis. XXX income XXXXXX under accrual basis XX the difference between XXX revenues earned in a period and XXXXXXXX incurred XXXXXX XXXX XXXXXX and XXXXXXXXX under XXXXXXX XXXXX XX accounting, XXXXXXXX XXXXXXXX in a period XXX reported in XXX XXXXXX statement in the XXXX XXXXXX in which revenues are XXXXXX XXXXXXXXX XX XXX XXXXXXXX principle. At XXX XXX XX accounting period, XXXXXXXXX XXXXXXX XX XXXX XX record to XXXXXXX XXXXXXXX XXX XXXXXXXX. GAAP requires the XXX XX accrual basis of accounting.
XX XXX case XX cash XXXXX of XXXXXXXXXX, XXXXXXXX are recognized XXXX XXXX XXXX is received and expenses only XXXX XXXX payments are XXXX XXX XXXXXXXXX revenues XXX XXXXXXXX are reported XXXX XXXX cash XX paid or XXXXXXXX. Cash XXXXX of accounting XXXXXXX expenses XXXX XXXXXXXXXXXX and XXXX XXX XXXXXX accounts XXXXXXXXXX XXXX XXXXXXXXX or XXXXXXX XXXX XX XXXXXXXXX. XXXX basis XX accounting XX not XXXXXXXXXX XXXX XXXX.
XXXXXXX XXXXX XX XXXXXXXXXX provides better information XX XXXXXXX the XXXXXXXXXXX XX business in terms XX XXXXXX or XXXX XXXX compared XX cash basis XX XXXXXXXXXX. Accrual basis XX accounting XXX only XXXXX in XXXXX XXXXXX XXXXXXXXX statement XXXXXXXXXX XXX XXXX with financial statements XX other organizations.