![]() ![]() Incomes are accounted only when the cash is actually received.įor Example, you raise an invoice on your client on 7th February but receive the payment on 10th April, revenue would be booked in your accounts on the basis when invoice is raised to the client i.e, 7th February. ![]() Incomes are accounted when the right to receive occurs Here are some other aspects of these methods of accounting the Income: Accrual Basis Let us first understand these methods of accounting.
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