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Bookkeeping

4 1 The Accrual Basis And Cash Basis Of Accounting

19. August 2019 | Von

The company recognizes the proceeds as a revenue in its current income statement still for the fiscal year of the delivery, even though it will not get paid until the following accounting period. The proceeds are also an accrued income (asset) on the balance sheet for the delivery fiscal year, but not for the next
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