What accounting term is used to define cash lost from a withdrawal?

Answer According to the New York State Society of Certified Professional Accountants, the term used to describe cash lost from a withdrawal is bank reconciliation. This term is used to explain why the amo... Read More »

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How do cash and accrual accounting differ?

When starting a business, the cash or accrual method of accounting must be chosen. It's important to make that decision carefully because it's very difficult to change once any financial reporting ... Read More »

Cash Accounting vs. Accrual Accouting?

The preparation of personal or business financial statements involves reporting income and expenses in a consistent manner. The need for consistency and comparability of financial statements has he... Read More »

How to Decide Between Cash and Accrual Accounting for your Business?

Accounting has long surpassed the bean counter, and new business owners are well-advised to consult a professional on complex issues. Still, there are fundamental accounting decisions you can make ... Read More »

Change in Accounting From Accrual to Cash Method?

Accrual accounting and cash basis are the two most common accounting methods businesses use today. Each method has a specific purpose and set of guidelines companies must follow. Cash basis account... Read More »