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What does accrual basis of accounting mean?

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accrual basis of accounting
Noun


An accounting method whereby revenues are recognized in the specific accounting period in which they are earned, without regard to the date of cash receipt, and expenses are assigned to the accounting period in which they are used to produce revenue, without regard to the date of cash payment.

Synonym(s): 
  • accrual accounting; accrual basis accounting; accrual method of accounting.
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