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2. Basis of accounting - Wikipedia

   en.wikipedia.org/wiki/Basis_of_accounting

   In accounting, a basis of accounting is a method used to define, recognise, and report financial transactions. [1] The two primary bases of accounting are the cash basis of accounting, or cash accounting, method and the accrual accounting method. A third method, the modified cash basis, combines elements of both accrual and cash accounting.

3. Cash method of accounting - Wikipedia

   en.wikipedia.org/wiki/Cash_method_of_accounting

   The cash method of accounting has historically been one of the four methods of recognizing revenues and profits on contracts, the other ones being the accrual method, the completed-contract method and the percentage-of-completion methods.

4. Revenue recognition - Wikipedia

   en.wikipedia.org/wiki/Revenue_recognition

   Deposit method is used when the company receives cash before sufficient transfer of ownership occurs. Revenue is not recognized because the risks and rewards of ownership have not transferred to the buyer. [7] Generally accepted accounting principles; Comparison of cash and accrual methods of accounting; Vendor-specific objective evidence

5. Double-entry bookkeeping - Wikipedia

   en.wikipedia.org/wiki/Double-entry_bookkeeping

   For example, if a business takes out a bank loan for $10,000, recording the transaction in the bank's books would require a DEBIT of $10,000 to an asset account called "Loan Receivable", as well as a CREDIT of $10,000 to an asset account called "Cash". For the borrowing business, the entries would be a $10,000 debit to "Cash" and a credit of ...

6. Adjusting entries - Wikipedia

   en.wikipedia.org/wiki/Adjusting_entries

   In accounting, adjusting entries are journal entries usually made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred. The revenue recognition principle is the basis of making adjusting entries that pertain to unearned and accrued revenues under accrual-basis accounting .

7. Matching principle - Wikipedia

   en.wikipedia.org/wiki/Matching_principle

   Two types of balancing accounts exist to prevent fictitious profits and losses that might arise when cash is paid out in different accounting periods than when expenses are recognised. According to the matching principle in accrual accounting, expenses are recognised when obligations are incurred, regardless of when cash is paid. Cash can be ...